The Iran war is accelerating the energy transition as governments race to reduce reliance on fossil-fuel supply chains.

The UN climate chief said that clean energy investment was advancing because renewables can’t be “held captive by narrow shipping straits.” HSBC said in a note to clients that though the closure of the Strait of Hormuz was the largest oil disruption in history, it comes at a unique point where there are low-carbon alternatives available: EVs, remote work, and renewable energy are already helping ease fossil fuel demand.

It is “a race of speed over perfection,” two former US and German energy ministers wrote in a Semafor column, to remove “the leverage of the bully and the power of the monopolist.”

— Tom Chivers