What is the impact of rising energy prices?

The war in Iran once again highlights Europe’s vulnerability resulting from its energy dependence, the Süddeutsche Zeitung argues:

“The energy price crisis triggered by Russia four years ago already provided ample reasons for phasing out coal, oil and gas faster. For a continent lacking in raw materials this is the strongest argument in favour of the green transition: energy dependence renders us vulnerable and thus turns climate protection into a geostrategic decision. Climate policy is security policy. If Europe is serious about its ambitions regarding self-defence and deterrence, it must free itself from the constraints imposed by fossil fuels.”