The ubiquity of wind turbines, solar panels, and electric vehicles creates the impression that we’ve already entered a new energy era. Yet it took the blockade of the Strait of Hormuz for people to realise that this is still a world powered by fossil fuels.
According to the International Energy Agency, fossil fuels accounted for 80.2% of global energy consumption in 2024: coal 27%, oil 29.8%, and natural gas 23.4%. Of the remaining 19.8%, hydropower made up 6.3% and nuclear 5%—both considered traditional energy sources—leaving truly new energy at just 8.5%.
When missiles and drones forced oil tankers to halt across the Persian Gulf, governments’ first response was not to build new solar farms, but to restart coal plants and nuclear reactors. Once tensions in the Middle East subside and the strait reopens, will energy-importing countries simply return to business as usual, or will they reassess energy security and accelerate the transition? First, it depends on how long the conflict lasts. Second, the political dimension of energy needs to be taken into account. Third, while the pace of the global energy transition may be influenced by the United States, for the vast majority of countries political considerations remain secondary. As long as new energy sources outperform traditional ones in terms of supply security, affordability and cleanliness, the shift from old to new energy will be unstoppable.
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