War-triggered crises inflict severe human miseries and devastate economies but social scientists and political economists point out that these crises also spur technological innovations to help build a new world.
A recent article in McKinsey Quarterly noted that the 19th-century naval wars accelerated the shift from wind to coal-power vessels. World War I brought about a shift from coal to oil. World War II introduced nuclear energy as a major power source. In each of these cases, wartime innovations flowed directly into the civilian economy and ushered in a new era.
The war in Ukraine is different in that it is not prompting energy innovations itself but making the need for it clearer. The article concluded: “Still, the impact could be equally transformative.”
“The Ukraine war is already forcing every country and every company to dramatically advance their plans for decarbonisation,” says Tom Burke, director of E3G, Third Generation Environmentalism, the climate research group.
Global crises can birth technological innovations to help usher in a Green era
Pakistan seems to share the above views. In his budget speech, Finance Minister Miftah Ismail said Pakistan is suffering an acute shortage of energy. Thermal energy is expensive due to skyrocketing fuel prices. And renewable energy seems to be the way forward.
An analyst points out that oil, gas and coal imports constitute a large portion of our imports and the current prices of these fuels are a major factor for...
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