1 hr ago

Iran War Redraws Global Energy Markets, Boosting Renewables

The war in Iran disrupted oil and gas supplies and made energy more expensive.

Countries that buy fuel from other countries had to spend much more money.

Gulf countries lost energy facilities and export income because of attacks and shipping problems.

Some oil and gas producers outside the Gulf made more money by selling extra fuel.

China benefited by selling more solar panels, batteries and electric vehicles.

Many developing countries also started buying more solar equipment and electric vehicles.

Renewable energy grew faster than expected during the first half of 2026.

Global greenhouse-gas emissions increased only slightly, although some countries emitted more and others emitted less.

The long-term effects of the energy disruption remain uncertain.

Key facts

Extra importer costs: More than $330 billion since the war began, according to the Centre for Research on Energy and Clean Air.
Gulf export losses: Initial Gulf export losses averaged nearly $2 billion per day in March, according to a Rice University estimate.
Infrastructure damage: As much as $58 billion in energy infrastructure was damaged, according to an April Rystad Energy estimate.
China import savings: Renewable projects added since 2020 helped China avoid nearly $8 billion in fossil-fuel imports between March and July.
African solar imports: Africa imported 37% more solar equipment from China in the first half of 2026 than in the same period a year earlier.
Global emissions: Greenhouse-gas emissions rose 0.2% year over year during the first half of 2026, according to an early Climate Trace analysis.
Philippines solar imports: Imports of Chinese solar equipment rose 262% year over year in March.

deccanchronicle.com · 1 hr ago