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Silver lining amid the smoke: Iran war could spark renewables revolution
This crisis presents an opportunity to accelerate the transition to solar, wind and nuclear power, now that these technologies are more mature.
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Falling costs have made it viable for renewables to supplement hydrocarbons as key sources of energy, says the writer.
PHOTO: AFP
As the bombs and missiles rain down on Iran and the countries of the Gulf, the tremors are being felt far from the battlefields.
Oil prices have surged beyond US$100 per barrel, the highest since 2022, and may well shoot higher. Shipping lanes through the Strait of Hormuz – that narrow, indispensable choke point through which roughly a fifth of the world’s oil and gas passes – are all but blocked. Production cutbacks among the Gulf’s energy producers are intensifying as their storage levels approach full capacity. Everywhere, political leaders, as well as central bankers, are faced with the daunting task of having to deal with this.
