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<\/a><\/p>\nThe war in the Middle East is now making the case for oil and gas-consuming countries to reduce dependence on imported fossil fuels and strengthen their self-sufficiency in energy supply<\/a>, where possible.<\/p>\n Related: Chinese Publication Claims U.S. Has Two Months of Rare Earths Left<\/a><\/p>\n Yet, boosting renewables is easier said than done. Massive investments are needed in grids and transmission, separate from the spending on turbines, solar panels, battery storage, and electric vehicles, as well as incentives.<\/p>\n In theory, accelerated deployment of domestic solar, wind, and batteries would reduce dependence on fossil fuels for power generation.<\/p>\n But the spike in fossil fuel prices to four-year highs doesn\u2019t make a great case for faster renewables rollout, as the resulting surge in inflation and potentially higher-for-longer interest rates would raise the costs of clean energy materials and installations.<\/p>\n Nevertheless, many governments are set to look to accelerate the adoption of clean domestic energy to future-proof a larger part of their energy systems to supply shocks. Whenever the war in the Middle East ends, it\u2019s unlikely it will be the last.<\/p>\n For Asia, the region most vulnerable to the Middle East\u2019s oil and gas supply, where shortages were almost immediately felt, this could be \u201cthe Ukraine moment\u201d to start considering reducing reliance on fossil fuels, according to green energy think tank Ember.<\/p>\n \u201cThis is Asia\u2019s Ukraine moment. Unlike the oil crises of the 1970s, there is now a better alternative\u2026Oil volatility means EVs are a common-sense choice for countries wishing to insulate themselves from future shocks,\u201d said<\/a> Daan Walter, a principal at Ember.<\/p>\n Dependence on fossil fuels has been exposed by the war, once again, Ember\u2019s analysts note.<\/p>\n \u201cThe technology to end that dependency exists. The only question is how many more crises it takes.\u201d<\/p>\n The best form of energy security is to onshore and internalize the energy systems, according to Ulrik Fugmann, Co-Head of the Environmental Strategies Group at BNP Paribas Asset Management.<\/p>\n \u201cPut very simply, the cost, and certainly prolonged cost, of a fossil fuel shock far outweighs the investments needed to continue to build out renewables,\u201d Fugmann said<\/a> on a BNP Paribas Asset Management podcast last week.<\/p>\n Chinese clean energy manufacturers could be the biggest winners of the global rethink of energy security and energy supply.<\/p>\n Since the beginning of the Iran war, investors have bet on higher global demand for renewable energy and electric vehicles, as the conflict traps most of the Middle East\u2019s oil and gas supply at the Strait of Hormuz. As a result, shares of Chinese battery makers and green energy manufacturers have jumped<\/a> this month.<\/p>\n The domestic energy narrative has been a huge boost to green energy stocks in China, which is the world\u2019s biggest renewable energy developer and a dominant supplier of batteries, wind turbines, solar panels, and other critical components for clean energy solutions. \u00a0\u00a0<\/p>\n By Tsvetana Paraskova for Oilprice.com<\/p>\n More Top Reads From Oilprice.com<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"The worst oil and gas supply shock in history has exposed the vulnerability of dependence on fossil fuel…\n","protected":false},"author":2,"featured_media":370699,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[37635,246,1813,9658,12614,61,151033,60,6000,166374,16389,82],"class_list":{"0":"post-370698","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-environment","8":"tag-energy-crisis","9":"tag-environment","10":"tag-europe","11":"tag-fuel","12":"tag-gas","13":"tag-ie","14":"tag-iran-war","15":"tag-ireland","16":"tag-oil","17":"tag-oil-products","18":"tag-renewables","19":"tag-science"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/370698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=370698"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/370698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/370699"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=370698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=370698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=370698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}