The International Monetary Fund (IMF) says the war in the Middle East, which has precipitated an energy crisis similar in scale to the 1970s oil crisis, should spur countries to accelerate their adoption of renewable energy to strengthen their resilience to energy shocks. Speaking at the release of the latest World Economic Outlook (WEO), chief economist Pierre-Olivier Gourinchas said the diversification of energy sources to protect economies from price hikes and supply disruptions was one of the key lessons from the 1974 crisis.
