EU sees challenges ahead for climate policy
EU warns of energy price impact on transition
Commission urges against knee-jerk policy reactions as record energy prices make transition more abrupt and difficult
Record high energy prices in Europe are making the green transition “more abrupt and difficult” and policymakers should be prepared for a scenario in which prices “get out of hand”, the European Commission says in an end of year address. Natural gas prices in northwest Europe have surged in recent months and hit record levels in December, drawing on concerns about storage levels and the outlook for flows from key supplier Russian amid tensions over gas transit country Ukraine. More expensive gas has led to increased use of coal-fired power plants, even with surging carbon emissions prices. High energy prices are also feeding into inflationary pressures which threaten to slow the progress of
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
