Iran War Pushes 25 Countries Into New Electrification Policies
Apollo Joins $11.5 Billion Race for German Gas Giant Uniper Haley Zaremba is an energy journalist and researcher with more than a decade of professional experience covering global energy systems, land and natural resources, and… Electrification has become the focus of global climate talks as COP31 draws closer.
We already have the technologies to transition away from direct consumption of fossil fuels and toward electricity in our vehicles, homes, businesses, and industry – it is now just a matter of scaling those technologies and doing it at an unprecedented pace, supported by strong policy measures from global leadership.
The central pledge that will be on the table at the upcoming 31st annual United Nations climate conference, to be hosted in Türkiye in November, will call on participating states to commit to meeting 35 per cent of global energy demand with electricity by 2035.
As of today, electricity accounts for 23 percent.
While this goal is ambitious, leaders claim that it is within “striking distance” if global leaders make a targeted effort to fast-track their electrification transitions.
And the factor that has put this target within reach is perhaps a surprising one –the war in Iran.
When the United States and Israel began their military offensive against Iran in February of this year, Iran responded by closing down the Strait of Hormuz – through which one-fifth of the world’s oil and gas trade flowed on any given day – essentially overnight.
The sudden disappearance of 18 million barrels per day from the global marketplace caused enormous energy shocks around the world, and especially in cash-poor, import-dependent developing economies.
The result has been that some of the world’s emerging economies have turned their energy security stratgies around on a dime, turbocharging their clean energy transitions to provide reliable and indigenous energy sources and buffer themselves from future global oil and gas shocks.
Since March, approximately25 countries have introduced structural policies to boost electrification, according to Australia’s ABC News.
As a result, many of the world’s developing economies – and even some of the poorest – are now outpacing the richest nation in the world when it comes to clean energy development and electrification.
Over the last several years, countries including Brazil, Chile, El Salvador, Morocco, Kenya, and Namibia have all overtaken the United States – the world’s largest economy – in their respective clean energy transitions.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
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| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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