But the war in Iran, and the Ukraine war before it, have also exposed a sobering reality. Many of the world’s most powerful countries and biggest emitters are beneficiaries of high fossil fuel prices. The US oil and gas sector is set for a $60bn windfall from the war; soaring commodity prices have been a lifeline for Russia, whose economy was floundering under the strain of maintaining war in Ukraine but which has now had some sanctions lifted; Saudi Arabia has been struck by Iranian missiles and was forced to shut its biggest refinery but the share price of its national oil company, Aramco, has surged and its easily accessible reserves are reaping bumper returns. Iran’s oil revenues have increased, despite attacks on its infrastructure that have sent toxic acid rain pouring down on its people…
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