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Opinion / #energy security
Iran’s wider goal is to raise global energy prices, including those for Gulf oil-dependent Southeast Asian countries like the Philippines and Vietnam.
If the current war creates a prolonged oil crisis, there will be more downward pressure on oil use – and an equal acceleration in China of electric car production at home, with an associated surge in exports.
As global risks rise, India and Nigeria show how energy security and growth depend on integrated, resilient, homegrown, digital, and scalable systems.
The global surge in oil prices due to the Strait of Hormuz closure threatens to deplete the Philippines’ fund that helps provide subsidies for fuel used by off-grid communities. A transition to more renewable energy offers benefits.
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