EU Energy Union May Be Biting Off More Than It Can Chew
With oil and gas still flooding the scene it’s a buyer’s market. For some however, picking isn’t easy. For the European Union specifically, an abundance of choice comes with its own set of logistical and geopolitical problems.
February 4 marked the launch of the EU’s Energy Union – an ambitious project that will establish a long-term plan for European energy and climate policy and set the politico-economic union on the path towards decarbonization. The doubters are many, but EU Commissioner for Climate Action and Energy Miguel Arias Canete confirmed the plan “will contain concrete measures” as well as “full and proper enforcement.” The framework strategy – still very much under discussion – is due for adoption on February 25.
Among the goals of the Union are enhanced energy efficiency, diversification and flexibility, in addition to increased deployment of renewable energy. More specifically, the EU is targeting electricity interconnection of 10-15 percent, a renewable share of 50 percent, as well as emissions reductions of more than 30 percent by 2050 – initiatives that will cost approximately $3 trillion, or nearly 15 percent of the current EU GDP. Addressing these goals will require massive infrastructure overhauls and timely investment, not to mention cooperation among the 28 vastly different member nations. In the early goings, that last bit is proving tough.
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