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Opinion
David Fickling

The Supply Chain to Beat Climate Change Is Already Being Built

Look at the numbers. The huge increases in fossil fuel prices this year hide the fact that the solar industry is winning the energy transition.

The European Union seeking to double solar capacity to 320GW by 2025 and to hit 600GW by the end of the decade.

The European Union seeking to double solar capacity to 320GW by 2025 and to hit 600GW by the end of the decade.

Photographer: Liesa Johannssen-Koppitz/Bloomberg

If your guide to the future is governed purely by the direction of commodity prices, 2022 is the year global ambitions to tackle climate change came crashing to a halt. 

European natural gas is nearly 18 times as expensive as it was at the same point in 2019, supposedly proving that nothing will be able to slake the unquenchable thirst for hydrocarbons. Meanwhile, lithium carbonate is about 4.6 times as costly, which is taken to prove the opposite lesson: that lithium-ion batteries are too dear to support the world’s energy needs.