EU launches plan to end reliance on Russian gas

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EU launches plan to end reliance on Russian gas
10 Mar 2022
6 min read

News Synopsis

After Russia invaded its neighbor- Ukraine, most of the countries around the world came together to support Ukraine, and in a bid to financially constrict Russia imposed Severe economic sanctions on the aggressor. They also imposed a ban on the import of Russian Crude Oil and Gas. However, this move has left European Union susceptible to scarcity of gas. 40% of the gas requirement of Europe is fulfilled by Russia. The European Union realizing the importance of fossil fuels has decided to come up with a plan to cut dependency of its gas requirements on Russia.REPowerEU has come up with a strategy to cut two-thirds of gas dependency on Russian within one year. EU Commission vice president Frans Timmermans said: "It's hard, bloody hard. But it's possible if we're willing to go further and faster than we've done before." European Union is also talking with other gas suppliers such as Norway, Algeria, and Azerbaijan to increase their output of gas. Prof Paula Kivimaa from the Finnish Environment Institute and the University of Sussex said: "I think we're living in a tricky time, that there's so much political pressure to make these energy policy decisions. But we also must look beyond the next couple of years. If Germany builds new LNG infrastructure, there is a risk that it kind of locks it in for the foreseeable future."

TWN Special