Renewable energy is now on the front line of superpower rivalry. That is both an opportunity and a challenge for Australia. ausbiz
As the world transitions to clean energy, securing access to its critical inputs and supply chains will be one of the central strategic contests in the emerging green cold war between China and the US.
The headline $369 billion Inflation Reduction Act is as much about protecting American energy hegemony as it is about emissions. It’s a strategic response to a future energy security threat, a direct challenge to its new 21st-century cold war rival. In a paper last year by global insurance market Lloyd’s of London, a green cold war – low-carbon competition between economic and political blocs – was seen as the most likely geopolitical vehicle to drive global decarbonisation this century.failed invasion of Ukraine and Russia’s strategic decline.
China is setting global energy records in everything. It built more than 100 coal-fired power stations last year alongside 125 gigawatts of wind and solar. It has the largest and fastest-growing electric vehicle fleet in the world.
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