Beyond the appalling human cost and urgent humanitarian crisis that is gripping eastern Europe, the conflict in Ukraine has also sent global equity markets tumbling. Commodity prices have increased and the price and supply of oil and gas have been dislocated. More broadly, the war has also prompted a reframing of the narrative around energy transition and dependency. This week, we take a deeper dive into carbon and explore this emerging sustainable asset. Our special guest from the UBS CIO places the theme in the context of Russia’s invasion of Ukraine and the impact that this destructive conflict is having across markets, energy and more.