The war in Iran has provided new impetus to the low-carbon transition as renewable energy is seen as less vulnerable to future price shocks, according to a group of corporate bosses and senior bankers.
The secretariat of the Energy Transitions Commission, whose members include executives from ArcelorMittal SA, HSBC Holdings Plc and Shell Plc, said in a new report that the current Middle East crisis highlights “a structural vulnerability in the global energy system: heavy reliance on geographically concentrated fossil fuel supply and critical transit routes.” By contrast, “clean energy systems are structurally immune to this type of shock,” ...