ISTANBUL—The cascade of shocks to the global economy over the past few months has offered a glimpse of our new reality. The Gulf conflict has taken an extraordinary—and dangerous—amount of oil, gas, and fertilizer off the market, and now a possible “super” El Niño cycle could bring more extreme weather. That means this year’s United Nations Climate Change Conference—COP31 in Antalya, Turkey—will come just as millions of people have been pushed deeper into energy and food poverty, forced to suffer truly terrible conditions as they endure more severe natural disasters.

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These perils underscore the danger of continuing to depend on imported fossil fuels. Around 80% of the global population lives in countries that remain net importers of fossil fuels, and we have just witnessed how........

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