Iran conflict forecast to accelerate energy transition

The Middle East conflict is forecast to accelerate the global energy transition and strengthen the case for investment in renewables, batteries and nuclear, according to a report.

DNV said the impact of the war on oil and gas markets had seen countries focus on reducing dependence on fossil fuel imports.

“Without knowing the duration and possible escalation of the conflict, it is clear that restoring production will take time; restoring trust even longer,” it said.

It concluded higher energy prices and security concerns will strengthen demand for clean energy and efficiency measures.

“The rule-of-thumb that what is bad for fossils is good for renewables applies,” it added.