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Fuel crunch will lead to emissions spike but could also drive green investment
Energy-hungry nations refocusing on fossil fuels in interim but analysts say crunch could lead to faster pace of renewables investment.
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The IEA says the current rebound in using fossil fules is causing the second-largest annual increase in CO2 emissions in history.
PHOTO: REUTERS
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SINGAPORE - The global scramble for coal, oil and gas supplies is a reminder not only of the world's deep dependency on fossil fuels but also its vulnerability to destabilising price shocks, and the huge climate and health risks from burning carbon-intensive energy.
India and China are scrambling for high-priced coal, caught short by resurgent economies and lack of supplies. Gas prices have surged in Europe, triggering factory shutdowns and power bill spikes, forcing some utilities to turn to coal.
