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Don’t Blame Climate Policies for the Energy Crisis, IEA Says

  • Says economic recovery, supply disruptions are to blame
  • More investment needed to avoid climate disaster, IEA says
Idle Rigs As Oil Set For Loss On U.S. Virus Fears
Photographer: Jason Alden/Bloomberg

Government climate policies and the transition away from fossil fuels are not to be blamed for the energy crisis ravaging Europe and Asia, according to the International Energy Agency.

The surge in natural gas and oil prices is more a result of the economic recovery from the pandemic, which was met with a series of supply disruptions, a prolonged winter in Europe and a persistent drought in Brazil, IEA Chief Energy Economist Tim Gould said Wednesday during an Institute of International Finance event.