The energy transition will continue to change geopolitical balances, EU High Representative Josep Borrell said on his blog, adding that power is shifting from those who control fossil fuels to those who develop clean energy technologies.
That would require countries that now rely heavily on fossil fuel exports to diversify their economies, and “we need to be ready to help them take this big step,” Borel said.
He points out that “clean zero and fair energy transitions are vital to saving our planet, but they will also have benefits in foreign policy: a clean energy world will be a more stable and better world for all, although it will also create new dependencies due to the materials it requires “.
The High Representative adds that “in cooperation with the United States, the EU will continue to build a global energy transition that is socially just and addresses geopolitical challenges. “Tomorrow, we will work together (EU-US) on this broad agenda, sending a strong message to those who want to divide us.”
“With the high prices and the challenges in the gas supply caused by the crisis with Russia, it is at the top of our agenda. “We have to deal with the short-term pressures while keeping our long-term goal of going to zero,” he said a day before moving to Washington, where energy is one of the key issues to be discussed.
At the same time, Mr. Borel states that “energy prices have risen due to global supply and demand issues. “Gas prices in the EU are six to ten times higher than a year ago, putting a lot of pressure on electricity prices because of the way these prices are set on the wholesale electricity market in Europe.”
He added that “if energy prices remain high throughout 2022, fueling higher inflation, it will seriously affect the recovery after the pandemic.”
“With the serious crisis we are currently going through with Russia, it has become not only a price issue but also a security issue. “Energy policy has always been great in EU-Russia relations: over forty percent of EU gas imports come from Russia and sixty percent of Russia’s import revenues come from the EU,” said Josep Borrell.
“Russia has already used energy supplies for political purposes,” he said. “In recent weeks, although Russia has strictly fulfilled its contractual commitments, Russia’s state-owned Gazprom has refused to send additional supplies to refill European storage facilities, further creating market nervousness.”
“Together with the United States and other partners, we oppose the use of energy supply as a weapon and a geopolitical lever,” he said.
The EU High Representative also stressed the importance of the Europe Green Agreement and said that it was a well-known fact that the transition was not straightforward, “but we can not allow the current events to derail us”.
The United States is already Europe’s largest supplier of liquefied natural gas (LNG), said Josep Borrell, noting that “we are stepping up our cooperation to ensure that our gas supplies are safe in the coming months.” Finally, Josep Borrell says that in addition to the US, talks are underway with Norway, Qatar, Azerbaijan and Algeria to expand LNG supplies.
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