The world needs to show the same rapid diversification of green energy materials that it did after the oil shocks of the 1970s.
The world is in the middle of its first truly global energy crisis, with impacts that will be felt for years to come.The best response to today’s supply disruptions and surging oil and gas prices is to invest massively in accelerating the transition to a cleaner and more secure energy system.
Today’s crisis can drive similar growth and breakthroughs for established clean technologies such as solar, wind and electric cars, but also for new key areas such as hydrogen and carbon capture that will become increasingly important for secure and sustainable energy supplies.But the new global energy economy that is emerging already demands strong attention from policymakers to guard against risks that could undermine security of supply.
Diversity – at the national and company level – is vital to ensure that supply chains are resilient to shocks. And the need to massively increase and diversify production of solar panels and other clean energy technologies is a huge opportunity for countries, including Australia with its resource wealth in lithium and other minerals and its strong extractive and manufacturing sectors.
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