As the world economy becomes increasingly driven by energy prices it is worth considering the long-term trajectory of different forms of energy production.

As a consequence of rising energy prices in the wholesale gas and oil markets, inflation is hiking globally, with indeterminate long-term effects on global economic and political stability.

The energy shock has resulted in chaos for many businesses, with those in the hospitality sector and industries such as gyms and cinemas all having to calculate if they would be operating at a loss if they continue to run.

This has made it particularly problematic for those operating tight margins and those in the SME sector that have less of a capacity to handle higher prices.

In regards to the energy transition towards renewables, this highlights the under-investment in many nations in large-scale renewable energy programmes able to deliver the sorts of energy capacity to limit or mitigate the surge in wholesale energy prices.

In particular, projects that have been mothballed on the basis of prior energy prices and a different economic and political backdrop should be reassessed.

To achieve energy parity a combination of a roll-out of existing well-established technologies such as offshore wind, onshore wind and PV solar should be combined with investments into wave, tidal and biogas.

The wholesale gas prices and oil prices are unlikely to see any short to medium-term falls in their values and as a result a large-scale investment would prove to be of huge benefit to national and international stability.