Equinor ASA, Europe’s largest natural gas supplier, warned Thursday that the world is “far from being” on track to meet climate targets set forth in the Paris Agreement, particularly after a stretch of chaos in global energy markets following Russia’s invasion of Ukraine.

“The continued war initiated by Russia’s invasion of Ukraine and the challenges with inflation and cost of living are putting a damper on absolutely necessary energy transition measures,” said Equinor chief economist Eirik Wærness. 

Equinor, which is majority owned by the Norwegian government, has boosted natural gas production since the war started to replace European supplies that were cut off by Russia. Norway’s output rose 8% last year to roughly 4.3 Tcf.

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