A silver lining from the energy crisis? : strengthening the delivery of the EU’s netzero goal, citizen welfare and energy security in responding to the energy crisis

Abstract

Europe is facing the most serious energy crisis in its history. Deliveries from Russia, previously the EU's largest gas supplier, have been reduced to a fraction of 2020 volumes. Europe’s energy security of supply is under threat and energy prices have skyrocketed. In response, the EU has adopted new legal acts at unprecedented speed and EU Member States are providing support to households and industry. But these necessary short-term reactions have also led to challenges – and opportunities – to decarbonisation goals. Accelerating delivery on the core measures – energy efficiency and massive investments in renewable energy – must be the foundation of the EU's response, as well as rapidly diversifying gas supplies away from Russia. How can Europe’s industrial competitiveness be maintained in the transitional phase, and how can we ensure that energy poverty across the whole EU is avoided?