EU fails to reduce dependency on fossil fuels amid soaring energy bills,
As the global energy crisis intensifies, the EU is renewing its commitment to fossil fuels instead of investing in green energy
As Europeans suffer surging energy prices, the EU is renewing its commitment to costly natural gas instead of investing in cheap renewables, it has been revealed.
A new investigation from Investigate Europe has found that lawmakers have paved the way for new cross-border pipelines, while EU auditors have highlighted a huge investment gap in green energy.
Since the beginning of 2021, wholesale gas prices in Europe have soared by more than 300%. As natural gas is often used to generate electricity alongside heat, consumers have felt the full blow of the increase. In Spain, electric bills have risen by a third so far this year. In Italy, they are expected to jump by 40% in the next quarter.
“Today’s situation underlines that we have to end our dependence on foreign, volatile fossil fuels as soon as possible,” Kadri Simson, the EU commissioner for energy, recently declared.
Natural gas accounts for a quarter of the EU’s power mix, second only to oil. As of 2019, the majority of natural gas comes from Russia (41%) and, to a lesser extent, Norway (16%). Although it offers a lower-carbon alternative to coal, it contains high levels of methane, which contributes to global warming.
The European Commission itself has admitted that its gas consumption is not compatible with its pledge to become climate neutral by 2050 and slash emissions by 55% before 2030. Its own assessment concluded that gas consumption must be “reduced to a fraction of current levels” to reach net-zero goals.
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