"Fuel prices have soared to ruinous levels since the Iran war left ships of oil and liquefied natural gas (LNG) stranded in the Gulf. The pain is most acute in Asia, but high energy prices are already causing panic in Europe."
"Despite this, efforts to hasten the shift away from an economy that runs on dirty foreign fuels, towards cheaper, cleaner domestic renewables, remain muted. Instead, soaring energy prices have provided lobbyists with more ammunition to attack the carbon price."
"The 2022 energy shock hit Europe when its energy mix was particularly shaky. The Russian invasion of Ukraine caught governments by surprise, despite the Russian gas giant Gazprom draining German gas reserves in the months leading up to the war."
"Now, as the Iran conflict sends fuel prices soaring once more, Europe stands on steadier ground. Wind and solar overtook fossil fuels in the European Union's power generation last year, after officials hastened the rollout of renewables by shortening the permitting process."
Europe is experiencing a new energy crisis, exacerbated by high fuel prices due to the Iran conflict. While better prepared than before, the continent faces opposition to transitioning from fossil fuels to renewables. The energy crisis has led to panic in Europe, with warnings of potential shortages. Despite the shift towards cleaner energy sources like wind and solar, lobbyists are attacking climate policies, claiming they threaten jobs. The situation is complicated by previous vulnerabilities, including reliance on Russian gas and weak nuclear output.
Read at www.theguardian.com
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