Reeves calls on G7 to accelerate move to green energy

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Rachel Reeves joined an emergency meeting of the G7 yesterday after the price of Brent crude reached $116 a barrel. Still to meet? The E3 of France, Germany and the UK who have only gone as far as to offer a joint statement criticising Iran. Brent has got to $116 in part because of Donald Trump’s latest threat to seize Kharg Island, a crucial oil export hub, which he said he could take easily. There is no evidence that such an operation is easy. US troops would become immediate targets for Iranian missiles, while all bets would be off for the safety of other energy facilities in the region, some of which have already been hit by Tehran. Reeves told fellow G7 nations that it was necessary to accelerate renewable energy development to protect the world against oil supply shocks. This is fair but sounds more like signalling than a solution. The economic crisis is heading west and protectionism could be inevitable.