David M. Hart
The energy landscape is being radically reshaped by war in the Middle East. Spiking prices are prompting emergency measures in much of the world. They should also reinvigorate energy innovation policy. Accelerated innovation is vital to softening or averting future crises, but countries are not all prioritizing innovation to the same degree or in the same way. That is why CFR’s Climate Realism Initiative has launched a new, interactive Global Energy Innovation Index.
The largest energy supply shock in history is still unfolding. Petroleum and liquefied natural gas (LNG) prices have risen significantly since February 28, and many analysts expect them to continue to climb. Fuel shortages in some countries have led to rationing, shutting schools and workplaces.
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