China is racing ahead in electrification, while the US turns its back on green energy in favour of a new era of fossil fuel machismo. An alignment between the three major petrostates – the US, Saudi Arabia and Russia – no longer looks implausible. The outlines of a new Cold War are becoming visible, one which will be determined by a novel mixture of ideology, critical technologies, supply chains and control of energy flows. How will these geopolitical dynamics play out – and what will it mean for global warming?
 
Adam Tooze is the Kathryn and Shelby Cullom Davis Professor of History and director of the European Institute at Columbia University. A columnist at Foreign Policy and a regular contributor to the LRB, he also writes Chartbook, a newsletter on economics, geopolitics and history. His books include Crashed: How a decade of financial crises changed the world and Shutdown: How Covid shook the world’s economy.