Spend any time discussing solar and wind power as a solution to climate change, and you are sure to encounter someone who asks about reliability. The Sun does not shine at night and the wind does not always blow, so fossil fuels will be needed forever as a back-up, they argue.
But how reliable are fossil fuels? In the past two months, conflict in Iran has created an energy crisis — the latest in a series. Oil prices spiked within days of the start of US, Israeli and Iranian bombing in the Gulf region on 28 February. Fuel prices remain high and volatile, and the ripple effects are set to increase inflation in the coming months. Isabel Schnabel, a member of the European Central Bank’s executive board, memorably named this effect fossilflation in the aftermath of Russia’s invasion of Ukraine in 2022.
There was, and is, one clear winner: renewables and other low-carbon technologies, from batteries to electric vehicles (EVs) and heat pumps. That is what distinguishes this Middle East oil and gas crisis from the Arab oil embargoes of the 1970s. Then, renewables were mostly unavailable, and industrial decarbonization was on few people’s radars. Solar power cost at least 500 times more than it does today, and EVs, heat pumps and induction stoves were a pipe dream.
