As Iran war exposes global dependence on fossil fuels, the biggest emitters are reaping the rewards
Why it matters: The US-Israel war on Iran could push 45 million more people into acute hunger, warns the World Food Programme USA.
- Oil prices have reached $110 a barrel, with forecasts predicting a rise to $150, intensifying the global cost-of-living crisis.
- The World Food Programme USA warns that global food insecurity could reach record levels, pushing 45 million more people into acute hunger due to rising food and fertilizer costs.
- Simon Stiell, the UN climate chief, states that fossil fuel dependency undermines national security and sovereignty, replacing it with subservience and escalating costs.
- John Kerry, former US secretary of state, highlights the emerging global realignment between 'electrostates' focused on harnessing electron power and 'petrostates' reliant on fossil fuels.
- The US oil and gas sector is projected to gain a $60 billion windfall from the war, while Russia has seen sanctions lifted and its economy bolstered by soaring commodity prices, and Saudi Arabia's Aramco share price has surged despite missile attacks.
- Global trends show renewables gaining ground, with low-carbon electricity generation surpassing coal for the first time last year, and clean energy investment now doubling that of fossil fuels.
The US-Israel war on Iran, following the Ukraine war and COVID-19, has exposed global fossil fuel dependence, driving oil prices to $110 a barrel and threatening record food insecurity for 45 million more people, according to the World Food Programme USA. While UN climate chief Simon Stiell warns this dependency erodes national security, the conflict simultaneously benefits major fossil fuel producers like the US, Russia, and Saudi Arabia, even as global investment in clean energy now outstrips fossil fuels two-to-one.
