Yesterday we looked at Ukraine’s conflict implications on the world as well as how fintech companies were tackling Russia’s sanction avoidance. Adding to this complex and growing issue are the opinions of hundreds of influential people. In the end, it’s the politicians in power who will make the decisions but even so, there are interesting opinions worth hearing from the private sector. A primary example is the CEO of Virgin Galactic, Richard Branson who believes that in order to solve the Ukraine Crisis, governments and individuals should use less gas and turn down their heating in order to reduce reliance on Russian energy. As a primary revenue driver for Russia. Branson told CNBC specifically: “It’s really important that we get rid of our dependence on Russian oil, gas, and coal, and we must do that immediately,” and that “If we can reduce the West’s dependence on fuel, say by just 10%, that will free up something like three billion barrels of fuel. That will be enough to make sure that countries like Germany do not have to import anymore.”
Opposers to the plan have an issue with how it would affect the prices of energy – explaining it would only add to the volatility of already rocky energy markets. Branson has responded to critiques directly, stating that by moving away from Russian fossil fuels the world would be able to shore up prices while also helping countries with their transition to cleaner energy sources. What do you think about Branson’s idea? And would it work if executed with the world’s support?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.