The war between Russia and Ukraine is triggering a global energy crisis that might push the “green” transition off track. However, tackling climate change was a tough challenge even prior to the conflict. In fact, achieving a successful energy transition not only requires financial resources, but also political and social consensus, as well as policies to mitigate negative short-term effects. It is also a matter of international competition, with bigger countries challenging each other to increase their economic power and lead with “clean” technologies. In other words, while aiming to fight global warming in the long run and ultimately save the planet, in the short term the energy transition represents a new geopolitical race that could bolster countries’ international influence. Within such a multi-faceted and uncertain scenario, what should be done to ensure international coordination toward decarbonization? How are key global players and world regions positioning themselves in view of the transition? Who will be the “winners” and “losers” in this process and what type of policy measures should be designed to leave no one behind?