Global energy crisis exposes fossil fuel fragility. The Iran war has disrupted oil flows through the Strait of Hormuz, which carries roughly one-fifth of world oil and liquefied natural gas supplies, sending shockwaves through energy markets and straining import-dependent economies. Asia faces the hardest hit, while Europe and Africa brace for rising fuel costs and inflation. However, this crisis underscores a critical shift: renewable energy is now competitive with fossil fuels in most markets, with over ninety percent of new renewable projects worldwide in 2024 cheaper than fossil fuel alternatives. Countries investing heavily in renewables, particularly China, demonstrate greater resilience to supply shocks since they rely on domestic resources like wind and solar rather than imported fuels.
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