So maybe some unintended good will come out of the Iran war. According to the world’s leading energy economist, Fatih Birol, the oil crisis triggered by the war has changed the fossil fuel industry for ever, and countries are turning away from fossil fuels and looking elsewhere for more to secure energy supplies.
Speaking to the Guardian, Birol said countries were losing trust in fossil fuels: “Their perception of risk and reliability will change. Governments will review their energy strategies. There will be a significant boost to renewables and nuclear power and a further shift towards a more electrified future,” he said. “And this will cut into the main markets for oil.”
This seems a too big a claim to make from a single war event. And yet he felt there was no going back: “The vase is broken, the damage is done – it will be very difficult to put the pieces back together. This will have permanent consequences for the global energy markets for years to come.”
Read this fascinating article in the Guardian, here.