Geopolitical Crisis Shatters Renewable Transition Illusions; US, Norway, Canada Race to Boost Fossil Fuel Investment

With the Strait of Hormuz shrouded in war clouds, the global energy landscape is being redrawn. US shale oil producers have raised capital expenditure by nearly $500 million, with output expected to hit a record high by end of next year; Norway, a self-proclaimed climate champion, has announced the restart of a North Sea gas field that has been mothballed for nearly three decades; Canada's policy easing has rekindled investor confidence. Energy security has trumped climate goals, and the pace of the renewable energy transition is facing a fundamental reassessment.