“The vase is broken, the damage is done – it will be very difficult to put the pieces back together. This will have permanent consequences for the global energy markets for years to come.”
Fatih Birol, Executive Director of the International Energy Agency expressed his concerns about the current state of the world in an exclusive interview with the Guardian’s Fiona Harvey. After the reflection quoted above, he added that this crisis was “bigger than all the biggest crises combined, and therefore huge….I still cannot understand that the world was so blind-sided, that the global economy can be held hostage to a 50km strait.” How do we ensure there is no “next time.
Importantly, in this weekend’s Financial Times, Niamh Brodie-Machura, chief investment officer of equities at Fidelity International, argues that the Middle East war should accelerate a shift to renewable power sources. “While the costs of the transition to a low-carbon model are still substantial, changes in the economics of energy supply are shifting in favour of renewable solutions. Every country, every region that continues to import energy — particularly Europe — must now recalibrate decisions that will underpin their consumer and industrial bases for future decades. . . . The past month has provided a telling lesson. Countries that backed low-carbon generation and stayed the course over many decades are reaping the rewards. Low-carbon sources — wind, solar, nuclear, hydro — account for the clear majority of the energy for electricity in France, Spain and the Nordics. Right now, they are escaping the worst of the energy price spike. Others have much more to do.” We all have much more to do. Note that Fidelity International is a company that provides investment management services including mutual funds, pension management and fund platforms to private and institutional investors. When they are saying this, we should all listen.
This was an important lesson for the oil industry this week. The Financial Times reports that BP was handed a heavy defeat by its shareholders over its attempt to reduce its reporting requirements on climate issues, as investors also mounted a rebellion against new chair Albert Manifold. “Mark van Baal, chief executive of Follow This, said the defeat over BP’s climate reporting resolution signalled that “shareholders refuse to let BP quietly bury its reporting commitments.” Let’s see more investor action like this.
It was quite discouraging to read on the Euractiv website that next week’s G7 meeting for environment ministers had climate scrubbed from the agenda in order to “avoid a row with the United States” by host France. How can environment ministers these days not talk about climate? This is unbelievable. Well, maybe they can whisper about it next Thursday as they visit Fontainebleau woodland south of Paris as part of a session dedicated to forests. I’m not sure they are out of the woods on this one. Maybe Fatih Birol can join them.
You must watch this TEDxIbiza talk from one from our EiD community, Sophia Shnapp – Our world is out of tune. Music is now repairing it. The power of music cannot be understated.
Many relevant events are coming up – you can see the latest list here. Please note that there is still some space for attending the June eceee summer study. If you know of an upcoming event that EiD readers should know about, please contact us. Let us know your experience.
In planning travel over the upcoming weeks, here are some useful ideas to help you along:
- Check out the Good Night Train website for the unique way to travel through Europe while you sleep. Check out this video: Sleeper trains — the future of travel? A Berlin startup is developing compact sleeper cabins, designed to make night trains cheaper and greener. Check out this week’s post on night sleepers.
- World Walks provides us with walking holidays in Europe.
- TimeOut provides the news that after two years, one of Europe’s most beautiful hiking trails – Madeira’s PR1 Vereda do Areeiro, a 7km trail which encompasses three of the archipelago’s highest peaks – will re-open this month.
- Cycling for Softies provides us with the 15 best cycling holidays in Europe in 2026.
Thomas Szasz (1920-2012), the Hungarian-American author and professor of psychiatry provides us with his expert view on the benefits of work: “The greatest analgesic, soporific, stimulant, tranquilizer, narcotic, and to some extent even antibiotic – in short, the closest thing to a genuine panacea – known to medical science is work.”
EiD welcomes your views about this week’s selection of posts on the zero-carbon energy transition:
- New EEA briefings on the circular economy in Europe
- From crisis to cushion: why renewable-rich EU states are paying less for energy
- Reaction to European Commission’s AccelerateEU plan to increase EU energy independence
- Blog by Jane Marsh – The complete solar project life cycle: from land rights to last mile power
- The economic case for electric vehicles is now improving
- New report from IISD on the energy transition
- Can social leasing protect households from Europe’s energy crises?
- Even in a quieter Paris, songbirds haven’t found their natural voice
- Clean energy goals at risk as AI power demand surges
- Investment in renewables supports Ukraine’s economy and energy future
Please send your comments on any of the posts. Please recommend EiD to your friends and colleagues.
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Energy in Demand - Sustainable Energy - Rod Janssen 