Will this energy shock seal the deal for renewables?
The US-Israeli attack on Iran and the subsequent blockade of the Strait of Hormuz have created the biggest oil supply disruption the world has ever faced, according to the International Energy Agency. The energy shock is expected to reverberate for years, further squeezing already cash-strapped economies and households.
The US-Israeli attack on Iran and the subsequent blockade of the Strait of Hormuz have created the biggest oil supply disruption the world has ever faced, according to the International Energy Agency. Analysts predict that the energy shock will reverberate for years, further squeezing already cash-strapped economies and households. The crisis has invigorated the conversation among policymakers in Europe, with a focus on energy security. The EU announced Accelerate EU, a suite of measures to support governments to manage the crisis and plan for the future. EU Energy Commissioner Dan Jørgensen said that 'this must be a wake-up call and a turning point' for Europe to shift away from fossil fuels. The measures aim to reduce taxes on electricity and incentivise the shift to homegrown, clean energies.
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