How Countries Can Tap Renewables to Clip Impact of Rising Oil Prices

With no seeming end to the war between the U.S., Israel, and Iran, countries should consider tapping into renewables to offset increased energy costs caused by the ongoing conflict. Predictably, the Iran war has caused gas and oil prices to jump, and with the U.S. actively turning away from renewables under the Trump administration, experts believe the country is depriving itself of energy independence.

The need for energy independence has become plain to see as energy markets struggle to recover from the shocks caused by the start of missile strikes on Iran by Israel and the U.S. roughly 10 days ago.

Now that the Strait of Hormuz is effectively closed due to the risk of Iranian missile strikes, the world has lost a pathway for 20% of its gas and oil, a blockage that will likely choke fossil fuel supplies, cause prices to surge and potentially exacerbate the ongoing cost of living crisis, particularly in countries that use fossil fuels for energy generation, transport, air-conditioning, and to power energy-intensive industries.

Aside from generating billions of pounds of greenhouse gases annually, fossil fuels like gas and oil are intrinsically tied to geopolitics, making them quite vulnerable to volatility caused by geopolitical disruptions. Renewables, on the other hand, are largely immune to volatility once they are set up and operational.

Countries that rely on homegrown wind, solar, geothermal, and other forms of green energy can escape the effects of conflict-related energy crises by largely staying out of the fossil fuel market altogether. Regardless of what’s happening in Iran or any other oil-producing nation, wind farms in Texas and solar energy plants in California will keep generating electricity at the same cost.

Folks reliant on this domestically-produced energy won’t be forced to pay higher energy bills as conflict in oil-producing regions introduces significant volatility into the global energy market. While drivers in such territories will still have to contend with higher fuel prices, they won’t be as affected as individuals in countries that are largely dependent on fossil fuel-generated energy.

Antony Froggat, from the NGO Transport & Environment in Brussels, says that the world is still largely reliant on fossil fuels to run most of its critical industries, fulfilling around 80% of its energy needs by combusting fossil fuels. Unsurprisingly, this makes societies and economies across the globe much more exposed to shocks that affect fossil fuel-producing countries like Iran or even Russia.

Renewable Energy Policy Network for the 21st Century (REN21) executive secretary Rana Adib advises nations to increase the share of homegrown renewables in their energy mixes to make them more resilient to geopolitical shocks.

Such a distributed network of renewable infrastructure would also help ensure national security as it would prevent an opposing army from plunging a region or country into chaos by targeting one chokepoint, be it a fossil fuel-fired energy plant or a pipeline hub.

Governments could work with private sector actors like Turbo Energy S.A. (NASDAQ: TURB) to gradually wean themselves off excessive reliance on fossil fuels and build energy independence within their jurisdictions.

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