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In the summer 2022 edition, FinanceAsia magazine looks to Banking & Finance senior counsel, Myles Mantle (Tokyo), for insights on balancing short-term energy needs and long-term climate goals amid the Ukraine war.

"While over the long term, the Ukraine crisis instigates greater incentive for the development of renewables projects to ensure energy security, in the immediate short term, countries are primarily looking at alternative sources of fossil fuel supply," Myles says.

"In a high oil and gas-price environment, it's easier to get more challenging and expensive-to-develop projects financed and structured because, while the marginal cost is high, any cash flow modelling will show there is still space for a decent return," he adds.