Published on 2 April 2026
Since our last update, developments in the Middle East continue to shape headlines and influence global markets. Whilst many analyses focus on short-term movements, Inyova always takes a long-term view. Our aim is to provide clarity on how global systems are evolving – and how your portfolio is positioned to benefit from these changes.
Global energy markets remain volatile
The current conflict in the Middle East is affecting the global economy primarily via energy prices. Changing expectations around oil and gas supply are driving daily price fluctuations. Brent crude oil briefly rose to $115 per barrel and is currently sitting at around $108, reflecting rapid shifts in global energy markets. Across Europe, the cost of gas-fired power has surged by more than 50% since late February, highlighting how closely gas prices are linked to everyday electricity costs. This situation stresses a structural driver that underpins Inyova’s long-held investment vision: Moving away from fossil fuels is no longer solely an environmental concern – it is an economic imperative for our society.
“Despite recent efforts to reduce energy imports, Europe remains exposed to volatile energy prices due to its continued reliance on fossil fuels. After Russia’s invasion of Ukraine, the Iran war represents a second major supply shock in under five years. Governments are likely to accelerate decarbonisation via their efforts to achieve greater energy independence, particularly through renewables and energy efficiency.” – Dr Felix Brill, CIO VP Bank
Clean energy is becoming the foundation of global resilience
Decarbonisation has evolved beyond climate policy and is now critical for economic resilience. This dynamic is already visible in the market: Regions with lower gas dependence, built on a stronger foundation of renewables, are experiencing less impact from the current volatility. For example, electricity prices in Spain were less influenced, whilst EU countries that depend on gas were experiencing stronger price increases.
UN Climate Leadership statements reflect an understanding among global policymakers that fossil fuel dependence affects national security. In response, leaders are calling to accelerate action: The EU is pushing for faster integration of low-carbon domestic energy, according to Ursula von der Leyen. And the UK government has pushed to make ‘plug-in solar’ panels available within months.
Your new portfolio is designed for this transition
Your upgraded Inyova portfolio is designed to capture the clean energy megatrend. Markets are currently focusing on near-term developments in energy prices. However, your portfolio is positioned for durable return drivers, such as onshore wind and clean technologies.
Nibe Industrier illustrates this well. NIBE develops heat pumps that allow households to move away from oil or gas heating towards electric alternatives. This shift plays an important role in reducing emissions, whilst also supporting greater energy independence. As fossil fuel prices fluctuate, heat pumps offer a cost-efficient way to heat homes. The relative economics of these heat pumps are now increasingly attractive.
But with Inyova, we go even further. We apply active ownership to help companies take a long-term view. One of our latest engagements at Air Liquide seeks to accelerate the company’s decarbonisation efforts. It called for greater renewable electricity use in all their processes and plants, as well as increased investments in renewable hydrogen production. We remain actively engaged with the company.
Looking ahead with confidence
Periods of change can naturally raise questions about the future. But they also highlight where long-term developments are heading and offer opportunities to profit. By staying invested in solutions that strengthen resilience and gain independence from fossil fuels, your portfolio is well positioned to benefit from tomorrow’s opportunities.
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