Rising war-driven energy costs spur Europe and Asia to fast-track renewables

The outbreak of hostilities between the United States and Iran has triggered a surge in global oil and gas prices, exposing the vulnerability of nations that depend on imported fuels. In response, European and Asian policymakers are intensifying efforts to expand renewable generation and invest in energy-storage solutions. Europe added 8.8 GW of wind capacity in the first half of the year, with Germany reaching a historic 58% share of electricity from renewables.

The United Kingdom saw wind’s contribution rise to 42% of its power mix. In Asia, India’s renewable ministry projects a need for 411.4 GWh of storage by 2032, while South Korea targets 100 GW of renewables by 2030, the Philippines aims for 35% renewable electricity by 2030, and China is integrating solar, wind and grid upgrades into its energy transition. These moves link climate goals with the strategic aim of reducing exposure to volatile fossil-fuel markets.