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The EU will release a plan to cut Russian gas imports by two-thirds within a year

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The EU will release a plan to cut Russian gas imports by two-thirds within a year

EU to unveil plan to cut Russian gas imports by two-thirds within a year

(Observer Network News) The conflict between Russia and Ukraine has caused turmoil in the energy market. Just as the energy shortage in Europe and the United States is heating up, according to the “Financial Times” report, on March 8, local time, the European Union will publish a draft plan, proposing that within a year Cut Russia’s natural gas imports by two-thirds to reduce dependence on Russian energy.

According to Reuters, EU leaders will announce at a summit this week that they will gradually remove their reliance on Russian gas, oil and coal.

Financial Times: EU plans to cut Russian gas imports by two-thirds within a year

Speaking to the European Parliament in Strasbourg on the evening of March 7, local time, Frans Timmermans, the head of the European Green Deal, revealed that after Russia’s “special military operation” against Ukraine, the European Commission The package, which has been extensively revised in a short period of time, is planned to completely free the EU from Russian gas “within a few years”.

“Given that energy markets will be tight for the foreseeable future, creating your own energy resources is the most strategically sensible and urgent option,” Timmermans said. “It’s not easy, but it’s doable. “

Timmermans said the plan would propose an accelerated rollout of renewable energy sources such as offshore wind, solar, hydrogen, biomethane and more.

In addition, the EU will secure gas supplies by reducing energy use, filling up gas storage spaces this year and finding new sources of gas. According to the “Politician” news, Timmermans said that the EU is planning to import 10 billion cubic meters of pipeline gas from countries such as Azerbaijan, and 50 billion cubic meters of liquefied natural gas from Qatar, Egypt, and Australia.

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At present, the EU’s natural gas storage space is only 30% full. The Financial Times said that the plan requires the EU to increase its natural gas storage capacity to 80% by September 30.

“(If we) accelerate the transition to renewable energy, while improving energy efficiency and diversifying energy sources, by the end of this year, our reliance on Russian gas can be reduced by two-thirds,” Timmermans said.

Timmermans, head of the European Green Deal (file image).Figure from People’s Vision

Previously, the International Energy Agency had proposed to speed up the deployment of wind and solar energy projects, encourage residents to reduce the heating temperature and other 10-point proposals, saying that the EU can reduce Russia’s natural gas imports by more than one-third within a year, and now the EU’s plan is here again The target has doubled. But Timmermans also acknowledged that after eschewing natural gas, some countries may turn to coal in the short term to increase coal production. That could make sense, Timmermans said, “showing a determination to get rid of Russia.” “Continuing to use coal for a while is conceivable, but only if you accelerate the transition to renewables.”

According to Reuters, EU leaders will hold a summit in Versailles on March 10 and 11, when they will issue a statement agreeing to gradually eliminate the EU’s dependence on Russian gas, oil and coal. Reuters said it “marked a turning point in EU policy toward Russia”.

“In the face of growing instability, strategic competition and security threats, we decide to take more responsibility for our security and take further decisive steps to strengthen European sovereignty, reduce dependence and design for 2030,” the draft statement said. A new growth and investment model.”

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However, Reuters also acknowledged that the task would be daunting. Some European countries are highly dependent on Russian oil and natural gas. According to the International Energy Agency, in 2021, Russian natural gas will account for 40% of the EU’s natural gas consumption, and crude oil will also account for 25%. Among them, Italy, Germany and several Central European countries are highly dependent on Russian energy. According to the German Ministry of Economic Affairs, Russian natural gas accounts for about 55% of Germany’s total natural gas imports, coal accounts for 50%, and crude oil imports account for about 35%. This would leave the EU vulnerable if Russia decides to restrict exports.

On February 24, the Nord Stream 2 natural gas terminal in Germany.Figure from Surging Images

Since the start of Russia’s military action against Ukraine, the US and the West have continued to impose sanctions on Russia, and recently they are considering imposing sanctions on Russia’s energy exports. Reuters said the White House is coordinating with several key congressional committees to advance the U.S. ban on Russian oil imports.

Germany, France and the Netherlands, which are more dependent on Russia’s energy supply, are reluctant to agree and are cautious about the Russian energy ban. The German Chancellor said on the 7th that Russian energy is vital to the daily lives of German citizens.

When asked whether the EU should also consider imposing an embargo on Russian oil, Timmermans also acknowledged that the United States and Britain are currently discussing such a measure, but German Chancellor Scholz rejected the proposal on the 7th.

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Regarding the possible oil ban, Russian Deputy Prime Minister Alexander Novak warned in a televised speech on March 7 that Russia “has every right to retaliate” and that Russia has every right to take tit-for-tat actions to stop the passage of “North Stream 1” “Transport natural gas. Novak warned that refusing to import Russian oil would have disastrous consequences for global markets. “It is clear that the surge in prices will be unpredictable and could reach $300 a barrel or more.”

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