The CEO of BlackRock company, Larry Fink, said the ongoing conflict in Ukraine would lead to the global energy transition accelerating over the long term. According to him, energy prices will soar and become a burden on countries that cannot afford them least.

As companies look forward to resetting their supply chain and avoiding dependence on Russian oil following the invasion of Ukraine by Russia will lead to a surge in energy prices driven by demand. Fink says, as the US zeroes in on increasing its supply of oil and gas and consumption of coal picking up in Europe and Asia will result in reduced climate-related commitments globally for a short period.

Fink said: "During the pandemic, we saw how a crisis could act as a catalyst for innovation. Businesses, governments, and scientists came together to develop and deploy vaccines at scale in record time. We have already seen European policymakers promoting investment in renewables as an important component of energy security. Germany, for example, plans to accelerate its use of renewable energy and reach 100% clean power by 2035, 15 years ahead of its previous pre-war target."

According to Fink, following the crisis, development and funding for non-conventional sources of energy such as wind and solar power will make countries self-reliant.

Electric automobiles and other clean energy goods might become much more "competitive" economically in the long run as energy costs begin to lower the green premium on clean technologies.

He said energy prices would hinder those nations which cannot even afford the least.