A European Union plan could potentially cut Europe’s reliance on Russian gas imports by two-thirds by the end of the year through a mixture of buying gas from other countries and ramping up energy efficiency measures.
The European Union outlined an ambitious strategy to accelerate its clean energy transition yesterday in the face of spiking oil and gas prices and Russia’s invasion of Ukraine.
“We simply cannot rely on a supplier who explicitly threatens us,” European Commission President Ursula von der Leyen said in a statement. “We need to act now to mitigate the impact of rising energy prices, diversify our gas supply for next winter and accelerate the clean energy transition.” Part of the plan would speed up permitting procedures for on- and offshore wind capacity and the roll out of large-scale solar projects.
That marks a significant departure from past policies, which maintained imports of Russian gas as resources dwindled in Europe. Europe’s plan could impact emerging markets that are trying to transition away from fossil fuels, if Europe outbids them for gas supplies, say energy analysts.
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