BRUSSELS — America’s allies, stung by soaring energy costs due to Washington’s attacks on Iran, are confronting an uncomfortable truth: The escape route from fossil fuel shocks leads straight into China’s arms.
From the European Union and the United Kingdom to South Korea and the Philippines, numerous countries have responded to the war-driven spike in oil and gas prices with calls to accelerate electrification and the rollout of clean energy infrastructure.
While that doesn’t offer an immediate fix to higher costs, governments see clean, domestic energy sources, such as renewables and nuclear power, as the obvious long-term solution to protect their economies from the ups and downs of global fossil fuel markets.
But there’s also an obvious catch: The faster they move to decarbonize, the more they will have to rely on China to supply the necessary materials. After all, Beijing controls the overwhelming majority of the world’s clean technology and critical mineral supply.
