Over the last decade, climate activists have successfully pressured governments, banks, and corporations to divest from oil and natural gas companies. At first such efforts appeared to be strictly symbolic. But in recent years years climate activists succeeded in driving public and private investment away from oil and gas exploration and toward renewables. The result is the worst energy crisis in 50 years.
Under-investment in oil and gas exploration is not the only cause of today’s energy crisis. The economic comeback from the covid pandemic has pushed up demand. Lack of wind in Europe meant higher demand for both natural gas and coal. And a drought in Brazil meant it had to import natural gas.
But the main cause of energy shortages is the half-decade-long under-investment in oil and gas driven by climate concerns.
