War-Driven Energy Crisis Spurs Renewable Rush in Europe and Asia

Energy supply concerns have pushed Europe and Asia toward renewable energy, driven by disruptions in global markets due to the start of the U.S.-Iran war.

Natural gas prices rose from 31.96 euros ($37.08) per megawatt-hour (MWh) on February 27 to a peak of 80.82 euros per MWh on September 11, while Brent crude oil increased from $76.30 per barrel to as high as $126.41 on April 30.

The surge in energy prices has strengthened policies aimed at accelerating investment in domestic and renewable energy sources, particularly wind power.

In Europe, the European Investment Bank highlighted that the clean energy transition can reduce dependence on imported fossil fuels and strengthen economic resilience to global energy shocks.