Posted 10/22/2023, 10:57:00 AM
War in Middle East Highlights Costs of Fossil Fuel Addiction As UK and Europe Struggle with Inflation
- War in Middle East highlights world's continued reliance on fossil fuels, raising inflation and economic risks
- European imports from Qatar have surged to replace Russian gas, increasing exposure to supply disruptions
- UK inflation higher than other countries; further energy shocks could prolong cost of living crisis
- Rishi Sunak watering down net zero policies despite long-term benefits of transitioning to renewables
- US leading with Inflation Reduction Act - UK must follow suit to boost jobs, growth and energy security through green investment