In May 2023, Ursula von der Leyen, President of the European Commission, declared that the fossil-fuel-based growth model is “simply obsolete.” The partial blockade of the Strait of Hormuz starkly exposes the irony of that statement. Today, roughly 75% of the primary energy consumed in the European Union comes from fossil fuels, while the global share remains about 87%. It is illusory to believe that “renewable” electricity can meet basic needs, let alone drive growth.
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