Conflict sparks global push to reduce fossil fuel dependence

NEW YORK: The energy shock from the Iran war has policymakers around the globe rethinking ways to reduce long-term dependence on oil and gas imports, with proposals to expand nuclear energy and renewables, grow strategic stockpiles and domestic production, and diversify foreign sources of supply.

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Iran's closure of the vital Strait of Hormuz shipping lane, after the US and Israel attacked on February 28, marks the third time this decade that an international energy shock has forced governments to reckon with the risks of a world dependent on the free flow of vast quantities of petroleum to fuel its economic engine. It has also stoked the view that the fossil fuel age must end, after pushback in recent years to ongoing efforts to mitigate climate change.

“The issue of energy security has never been as acute as now.

The world’s biggest energy consumer nations are now back at the drawing board: Europe last week unveiled new financial guarantees for atomic power after decades of closing nuclear plants. Other major importers are planning to source fuel from a broader array of suppliers to hedge their risk.