Page 21 - bneMag April 2022 Russia living with sanctions

bne April 2022 Companies & Markets I 21
In short, the EU’s proposals will give coal a short-term boost, although it will also promote the energy transition in the longer term.
Despite these fears, international bodies such as the IEA have stressed that the war, as well as volatile gas prices, could act as a catalyst to quicken the decarbonisation agenda and reduce the world’s exposure to Russian gas and oil.
Russia’s options
Looking ahead, US President Joe Biden’s visit to Europe on March 24 could also lead to stronger calls from some EU leaders, especially in Eastern Europe, for tougher sanctions on Russian oil and gas, following on from the US ban earlier in March.
Meanwhile, Russia has already made noises that it could find alternative buyers of its oil and gas in China and India.
However, China has its own green targets to meet as it aims
to reach net zero by 2060. Beijing’s commitment to reach
net zero by 2060 could reduce the potential for Moscow
to redirect its gas and oil exports away from Europe towards China. It will be neither quick nor easy for Moscow to pivot its energy exports from west to east, according to Wood Mackenzie.
Although any detailed picture of future emissions targets has yet to emerge, the continued presence of coal in Europe’s generation sector weakens Brussels’ rhetoric about reducing Russian gas imports.
As such, Europe, which has so far been the best performing continent in terms of emissions reductions, faces the prospect of a slowdown in its progress towards net zero, while at the same time facing the high cost of restructuring energy systems away from Russian gas and oil.
Given the pace required to reach net zero by 2050, any delays in emissions reductions caused by the war will have their own ecological and economic impact.
Textron acquires Slovenian Pipistrel as it prepares for electric future
bne IntelliNews
US multi industry company Textron said on March 17 it entered into agreement to acquire Slovenian maker of ultra-light aircraft Pipistrel.
Pipistrel’s two-seat Velis Electro plane was the first electric aircraft in the world to obtain certification from the European Union Aviation Safety Agency (EASA), in 2020.
Textron is the owner of the Beechcraft, Hawker, and Cessna aviation brands. Upon closing of the transaction, the company plans to form a new business segment, Textron eAviation, focused on the development of sustainable aircraft, which will include Pipistrel.
“With Textron, Pipistrel will have access to greater resources, technical and regulatory expertise and a global aircraft sales and support network, enabling it to accelerate its development and certification of electric and hybrid electric aircraft,” Textron said in the statement.
“Textron is committed to maintaining Pipistrel’s brand, headquarters, research and development, and manufacturing in Slovenia and Italy, while making additional investments
in Pipistrel for the development and production of future products,” Textron's chairman and CEO, Scott Donnelly, said.
He noted that Pipistrel has been "celebrated as one of the world’s most important and successful manufacturers of electric aircraft".
Pipistrel founder and CEO Ivo Boscarol will remain a minority owner. The value of the deal has not been disclosed.
The transaction is expected to close during the second quarter of 2022.
Based in Slovenia and Italy, Pipistrel is a world-leading small aircraft designer and manufacturer, specialised in energy- efficient and affordable high-performance aircraft. With more than 30 years of experience, Pipistrel has produced more than 2,200 aircraft to date.
Among them is the Velis Electro that is intended primarily for pilot training, but which paves the way for the future of environmentally sustainable, emission-free aviation.
Boscarol said on obtaining the EASA certification that it represented the “first step towards the commercial use of electric aircraft, which is needed to make emission-free aviation feasible”.
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