Energy fallout from Iran war signals a global wake-up call for renewable energy
HANOI, Vietnam (AP) — The war in Iran is exposing the world’s reliance on fragile fossil fuel routes, lending urgency to calls for hastening the shift to renewable energy.
Fighting has all but halted oil exports through the Strait of Hormuz, the narrow waterway that carries about a fifth of the world’s oil and liquefied natural gas, or LNG. The disruption has jolted energy markets, pushing up prices and straining import-dependent economies.
Asia, where most of the oil was headed, has been hit hardest, but the disruptions also are a strain for Europe, where policymakers are looking for ways to cut energy demand, and for Africa, which is bracing for rising fuel costs and inflation.
Unlike during previous oil shocks, renewable power is now competitive with fossil fuels in many places. More than 90% of new renewable power projects worldwide in 2024 were cheaper than fossil-fuel alternatives, according to the International Renewable Energy Agency.
https://apnews.com/article/middle-east-wars-renewable-energy-asia-4b5fe0693ce5816472c905db85f7da6e
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BC_viper
in reply to geneva_convenience • • •davel
in reply to BC_viper • • •1979 petroleum shortage
Contributors to Wikimedia projects (Wikimedia Foundation, Inc.)BC_viper
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in reply to BC_viper • • •A number of countries did speed up their roll out of renewables because of that, though
The amount of oil supply removed is significantly larger this time. With the war in Ukraine there were also some more obvious places to get oil from instead. It's less obvious this time
usernamesAreTricky
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