The superpower battle over energy – and what it means for your bills

A gas rig in the North Sea. An oil field in Texas. A solar panel factory in China. They can feel a world away, but your energy bill says otherwise.

In January, it could jump by more than a quarter – around £460 extra a year for the typical UK household – according to the latest forecasts from the big suppliers British Gas, EDF and E.ON. Since US and Israeli strikes on Iran in February effectively closed the Strait of Hormuz, oil and gas prices have soared. Winter is expected to push them higher still: demand for gas is rising just as Europe's winter gas stores are at their lowest since records began in 2011. And there's a bigger threat looming over all of this: the warming climate.

Cutting carbon emissions is essential to limit future warming and avoid the most damaging effects of climate change. But keeping bills down while cutting emissions is proving hard – and not just for the UK. As world leaders gather this week in Antalya, Turkey, for COP31, the UN climate summit, the same tension is playing out around the world.