Owing to high fuel and power prices, most countries are facing soggy growth, inflation, squeezed living standards and a savage political backlash. A heatwave forced Spanish gas demand to near-record highs, even as, on June 14th, Russia began to lower the flow of gas along the Nord Stream 1 pipeline to western Europe, sending prices soaring by 50% and raising fears that rationing may be introduced later this year while Americans are paying $5 for a gallon of petrol (€1.25 a litre), fuelling the inflation that opinion polls say is their biggest worry and President Joe Biden’s worst headache. Australia’s power market has failed. Everywhere you look there are shortages and fragility. How do we fix the world’s energy emergency without wrecking the environment?

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