EU Plans to Reduce the Block’s Dependency on Russian Energy

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EU Plans to Reduce the Block’s Dependency on Russian Energy

Thu, 03/10/2022 - 16:13
Flag of the EU (© Shutterstock/ZoranKrstic)
Flag of the EU (© Shutterstock/ZoranKrstic)

The European Union on Tuesday, March 8, 2020, unveiled new proposals that will enable the bloc to reduce its dependency on Russian gas by two-thirds this year and end it entirely by 2030, in the wake of the ongoing war in Ukraine.

In a statement, the EU Commission President Ursula von der Leyen said that a supplier who explicitly threatens the European Union cannot be relied on, emphasizing the need for the bloc to dash into other energy sources.

“The European Commission published plans to cut the bloc’s dependency on Russian gas by two thirds this year and end its reliance on Russian gas supplies of the fuel well before 2030,” Frans Timmermans, EU Executive Vice President said, adding that there is a need for EU to shift to renewable energy sources fast amid the transition urgency brought about by Putin’s war in Ukraine.

In a series of tweets on Tuesday, March 8, Frans noted that the EU has the capability of replacing 100 bcm of Russian gas imports by the end of this year, representing two-thirds of the total volume that the bloc imports from Russia.

According to Frans, the replacement will end their overdependence on Russian gas and give them room to maneuver.

“It is possible, if we are willing to go further and faster than we have before,” Frans tweeted.

The European Union executive body announced its plans to slash dependency on Russian gas by switching to alternative supplies and making clean energy more accessible, mandating the member states with the responsibility to implement the policies.

EU executive body also said liquefied natural gas and natural gas from developed countries like Qatar and the United States is set to replace more than a third of the gas Europe imports from Russia this year.

In the transition to green and clean energy, Europe will enhance its use of biomethane and hydrogen in gas production. Also, new solar and wind projects will replace some portion of the gas demands this year.

While the block was gradually working towards energy independence by investing in Green energy sources, Russia’s invasion of Ukraine, where the gas reaches Europe, and also for fear that Russia could cut off the supply anytime made determined the urgency of the decision.

News agency DPA reported that the EU has already entered into talks with major liquefied natural gas (LNG) purchasers including Japan, India, and China ahead of its search for new energy sources.

Following the decision by various Western states to step up economic sanctions against Russia by banning energy imports, the Kremlin has warned that oil prices could rise.

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