Ambrose Evans-Pritchard: Europe’s energy crisis queers the pitch horribly for COP26. We are living through a fossil fuel shock, but make no mistake: net zero is the solution – not the problem. he right conclusion to draw from spiralling gas, coal, and electricity prices in Europe is that fossil fuels are dangerously volatile. Supply can be manipulated at critical moments by hostile powers playing geostrategic games. The wrong conclusion is that this month’s energy shock is an indictment of renewable power, or chiefly caused by carbon prices, or that it is the first cruel taste of what awaits us as net-zero tightens, and therefore that decarbonisation should be abandoned. This is not to deny that the green switch will cause plenty of headaches before we get over the hump and reap the runaway benefits of better technology and the much cheaper energy than fossil combustion could ever achieve – and in Britain’s case, before this country again becomes a net exporter of North Sea energy. Net zero is the solution and not the problem. It will happen because brown energy cannot compete with the rapidly descending cost-curve of green tech. The process is by now unstoppable for pure cost reasons regardless of climate change imperatives. Any major country that resists this will play itself out of the global economic game. The Government must hold its nerve.
Telegraph 15th Sept 2021 read more »