A sign informs customers that fuel has run out at a petrol station in Hemel Hempstead, Britain, September 29, 2021. REUTERS/Matthew Childs/File Photo
Helen Thompson, Financial Times: A winter energy reckoning looms for the west
World economic growth still requires fossil fuel production but long-term climate ambitions must stay in place
Across the world, politicians are ever more desperately looking to contain the explosive consequences of the energy crisis. In those parts of Asia, the Middle East and Africa already mired in multiple economic and political difficulties, the crisis is proving catastrophic.
Those who import liquid natural gas must now compete with European latecomers to the LNG market seeking an alternative to pipelined Russian gas. In early summer, Pakistan was unable to complete a single LNG tender. In poor countries, a large proportion of the state’s resources go on subsidising energy consumption. At prevailing prices, some cannot: earlier this month, the Sri Lankan Electricity Board imposed a 264 per cent increase on the country’s poorest energy users.
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WNU Editor: Pray for a warm winter.
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