With the world in the midst of the first global energy crisis – triggered by Russia's invasion of Ukraine – the present report provides indispensable analysis and insights on the implications of this profound and ongoing shock to energy systems across the globe. Based on the latest energy data and market developments, it explores key questions about the crisis: Will it be a setback for clean energy transitions or a catalyst for greater action? How might government responses shape energy markets? Which energy security risks lie ahead on the path to net zero emissions?