New Delhi, April 24 -- The ongoing tensions in West Asia and risks to key oil supply routes such as the Strait of Hormuz could accelerate the global shift towards renewable energy, especially among oil-importing nations, according to a report by Jefferies.

The report noted that instead of focusing on short-term windfall gains from rising oil prices, there are growing concerns about the long-term risks posed by disruptions in energy supply. It highlighted that oil-importing countries may respond to such shocks by speeding up investments in renewable energy and electrification, a trend it referred to as "electrotech."

It stated, "oil-importing countries will react to the shock of the closure of the Strait of Hormuz by opting for accelerat...