Hi Huju,
Donald Trump has called climate change a Chinese hoax, pulled the US out of the Paris agreement (twice) and recently arranged to pay TotalEnergies $1 billion not to build two wind farms planned off the east coast. But his war with Iran, paradoxically, might end up accelerating climate action.
The US attacks on Iran have killed hundreds of people and cost billions of dollars. In response, Iran has shut down the Strait of Hormuz to almost all tanker traffic, spiking fossil fuel prices. Brent crude oil jumped from $70 to more than $100, and natural gas prices have almost doubled in many regions. |
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Hi Huju,
Donald Trump has called climate change a Chinese hoax, pulled the US out of the Paris agreement (twice) and recently arranged to pay TotalEnergies $1 billion not to build two wind farms planned off the east coast. But his war with Iran, paradoxically, might end up accelerating climate action.
The US attacks on Iran have killed hundreds of people and cost billions of dollars. In response, Iran has shut down the Strait of Hormuz to almost all tanker traffic, spiking fossil fuel prices. Brent crude oil jumped from $70 to more than $100, and natural gas prices have almost doubled in many regions. |
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In the short term, countries are burning more coal. But in the long term, the energy crunch will speed up the green transition, analysts say. Just as the war in Ukraine has accelerated renewables in Europe, this war could be the “Ukraine moment” for Asian economies dependent on Middle Eastern liquified natural gas. Already, South Korea has said it would fast-track clean energy permitting.
Scaling up renewable energy, electric vehicles and heat pumps could allow countries to cut fossil fuel imports by 70 per cent, a recent Ember report says. And even in oil-producing countries like the United States, drivers are facing high prices at the pump, which should gradually boost EV sales.
Renewable energy projects are cheaper than fossil fuel projects in most places, and the Iran war will spur utilities to invest in them sooner rather than later. Even if oil prices unexpectedly go down, the conflict has made the case that green energy is also more secure. Other countries will move forward, and Trump will be left tilting at windmills. |
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Food shock is inevitable due to the war on Iran – and it could be bad |
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dpa picture alliance/Alamy |
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The conflict in the Strait of Hormuz has impacted not only shipments of fossil fuels, but also the 15 per cent of global fertiliser made with the abundant natural gas in Qatar. It’s raised the price of the fossil fuel naphtha too, which serves as a feedstock for pesticides. Global food prices are already near the peak they reached in the 1970s. Has Trump’s war on Iran put us on track for the worst food shock ever? Read more.
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I was accused of killing over 100 million rabbits across Australia |
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