Energy shock accelerates global shift to renewables and electrification

The Iran-related energy shock is likely to hasten the world’s move away from fossil fuels toward renewables and electrification, as high prices and supply fears push more investment into clean energy, storage, and grid upgrades. Renewables already drove the majority of new power capacity last year (led by solar), and electrified transport could cut oil imports by hundreds of billions annually, though near-term subsidies for fossil fuels and coal prospects could temper the pace.