EU's ambitions for energy self-sufficiency

EU is working to reduce electricity consumption, seek new sources of oil and gas, and invest hundreds of billions of euros to open up exits, aiming to help the "old continent" get rid of its dependence on energy supplies from Russia.

Illustrative image (Photo: Reuters)
Illustrative image (Photo: Reuters)

The European press has just said that, in order to better to withstand the drastic fall in Russian gas supplies, saving energy is an immediate priority for the EU.

According to a report of the European Commission (EC) just released, " the role of public authorities in leading by example and as an important gas consumer - 30 percent of the energy consumption - is key in this regard".

The EC's energy saving proposal will be discussed by EU energy ministers at a meeting in Brussels (Belgium) on July 26, which recommends that application of the rules require public buildings be heated to no more than 19 degrees Celsius and cooled by air conditioning units set no lower than 25°C.

The recommendation is part of a series of measures Brussels is investigating the possibility to cut the EU's gas consumption by 25 to 60 billion cubic metres per year.

Meanwhile, the Financial Times has just reported that the European Commission already proposed raising the EU’s energy efficiency target to 13% by 2030, up from the 9% figure it originally put on the table in July last year. This is supposed to be done by increasing energy efficiency. Along with the policy of reducing consumption, the EU is actively increasing new energy sources through projects and plans to get rid of dependence on Russian energy, worth hundreds of billions of dollars.

The EC energy transition project will spend 195 billion euros over the next five years. One of the most important goals of the above plan is to double energy production from renewable sources, raising Europe's share of consumption from 22% in 2020 to 45% in 2030 from the previously proposed target of 40%.

In addition, the EU will focus on green hydrogen, whose consumption in the EU in 2030 could reach 20 million tons. Half of this volume will be imported.

Before announcing the above "escape from Russian energy" plan, the EC on July 15 approved a 5.4-billion-euro hydrogen project jointly funded by 15 EU countries and 35 companies. The project, aimed at boosting the competitiveness and economy of the EU, is expected to attract another 8.8 billion euros in private investments.

EC Vice-President Margrethe Vestager said "Hydrogen has huge potential going forward. It is an indispensable component for the diversification of energy sources and the green transition.".

In addition to the abovementioned efforts, EU countries are also trying to diversify energy sources to reduce immediate difficulties. EU and Namibia officials recently said that the EU would sign a memorandum of understanding (MoU) with Namibia on hydrogen and minerals at the U.N. Climate Change Conference in Egypt in November.

Currently, Germany - the EU's number one economy - has already agreed to invest 40 million euros in Namibia's green hydrogen while Belgian and Dutch companies are also operating in the country in that field.

Last month, the EU signed MOUs with Israel and Egypt on natural gas imports, part of an effort to find new suppliers to reduce dependence on Russian oil, gas and coal.

After the outbreak of the Russia-Ukraine conflict, EU countries faced a serious shortage of energy supply, negatively affecting the economy of the whole region. Reducing, even cutting off traditional energy supplies from Russia, has placed "the old continent" in an extremely difficult situation for "energy self-sufficiency".

However, in challenges there are always opportunities. If the abovementioned hundreds of billions of euros worth of energy transition project is successfully implemented, the EU will achieve the ambitious goal of reducing dependence and moving towards fossil fuel elimination, paving the way for the transition to clean energy sources for energy-intensive industries. Furthermore, by reducing dependence on Russia for energy, the EU will also have a stronger international position compared to the current difficult period.

Translated by NDO