Just as in the 1970s, the 2020s have now seen two major fossil fuel shocks. In fact, the war in Ukraine and the shutdown of the Strait of Hormuz have shaken global fossil fuel supply even more severely than the oil crises of 1973 and 1979. The parallels are striking. But so too is the difference, writes energy think tank Ember in its new report ”The new Twin Fossil Shock – How the energy crises of the 2020s speed up the electric age”.
Unlike in the 1970s, solar, wind, batteries, and electric vehicles are now not only cleaner but often cheaper, faster to deploy, and more secure than fossil fuels. Once installed, they are not exposed to fuel price volatility or import disruption.
However, to accelerate this shift away from fossil fuels and prevent them from snapping back, the report outlines four priorities for governments. Hit the green button to learn more.
