![]() The Russian scenario could well be repeated in the future with other suppliers. Among its major suppliers, several countries – such as the United Arab Emirates or Qatar – do not respect human rights. Moreover, increasing our dependence on fossil gas will make us just as vulnerable as ever, since Europe imports the vast majority of its gas.Moreover, the new European gas infrastructures commit member states for years – even decades – and contribute to the increase of global demand and thus to ever higher prices (6). Gas prices had risen before the Russian aggression and the current high demand maintains high prices, especially compared to renewables’ competitiveness. Gas is traded on the global market, so its price depends on global demand. More gas does not go hand in hand with lower prices.So let’s seize the opportunity and invest in renewables.” As Ursula von der Leyen, President of the European Commission, says, “Renewable energies make us independent of Russian fossil fuels. While this prior action would have averted the crisis, there is still room for swift action to reduce energy use and increase renewable electricity production (5). France – has thus notoriously failed to reach its own renewable energy deployment targets (4). Prioritizing energy savings and developing renewable energies, in line with the European Union’s climate objectives, would have made it possible to reduce fossil fuel use long before the start of the war in Ukraine.But it only offers a short-term contribution and should not lead to investments that place fossil fuels at the center of the European energy mix in the medium and long term: ĭiversification of gas supplies to compensate for Russian gas imports is, to a certain extent, necessary to meet the energy needs of Europeans in the short term. The solution lies rather in what Larry Fink does not mention, namely reducing energy consumption and increasing renewable energy production (3). ![]() ![]() Increasing Europe’s fossil fuel dependence is therefore certainly not a sustainable solution to this crisis. As the International Energy Agency (IEA) has unequivocally pointed out, Europe’s energy crisis – and the inflation that has largely resulted from it – has been caused first and foremost by dependence on fossil fuels (2), and natural gas in particular. Contrary to Fink’s statement in the interview, new liquefied natural gas (LNG) import capacity and more coal will not solve the European energy crisis.
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