"In the past two months, conflict in Iran has created an energy crisis - the latest in a series. Oil prices spiked within days of the start of US, Israeli and Iranian bombing in the Gulf region on 28 February."
"Ditching fossil fuels is not all smooth sailing. In 2022, European natural-gas prices spiked to ten times their levels before the Ukraine invasion, resulting in long waiting times for solar panels and heat pumps."
"Abandoning fossil fuels might cause some temporary greenflation, but the solution is the same for all three drivers: produce more of the climate technologies that will move the world off fossil fuels fast."
Fossil fuels face reliability issues, highlighted by recent energy crises linked to geopolitical conflicts. Renewables and low-carbon technologies have emerged as winners during these crises, contrasting with past oil embargoes when such technologies were scarce. While transitioning from fossil fuels may lead to temporary greenflation due to increased demand for solar panels and heat pumps, the overarching solution remains the same: ramping up production of climate technologies to facilitate a faster shift away from fossil fuels.
Read at Nature
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