New Insights Briefing from the Energy Transitions Commission To build energy security Europe should accelerate the clean energy transition
LONDON, May 17, 2022 /PRNewswire/ -- In its latest Insights Briefing, "Building Energy Security Through Accelerated Energy Transition", the ETC explores how Europe and other regions can both build energy security and accelerate the required energy transition.
The brief assesses Europe's short term plans to cut reliance on Russian oil and gas, and estimates that gas imports could be reduced by at least 50% within a year, with further reductions dependent primarily on changes in consumer and business behaviour to reduce energy consumption.
But the key focus of the brief is on the medium term actions (2-8 years) which could improve energy security, stability of supply and limit the impact of future fossil fuel price shocks by 2030. The core of the response should be accelerated investment in renewable energy and economy wide electrification, together with improved energy efficiency. LNG imports from secure suppliers will also need to play a role, but must be combined with measures to reduce CO2 and methane leak emissions in gas production.
The brief has been developed in collaboration with ETC members from across industry, financial institutions and environmental advocates including Bank of America, BP, EBRD, HSBC, Iberdrola, Impax, Legal and General, Ørsted, Rio Tinto, Schneider Electric, Shell, Tata Group, Volvo Group and the World Resources Institute among others .
Adair Turner, Chair, ETC commented:
"It is vital to address the energy security and economic impacts of Europe's current situation in a way which does not delay and ideally accelerates the energy transition. To achieve this, we must recognise the different pace at which different types of response can deliver results; we must seize the opportunities for clear win- wins on energy security and transition: and we must face the need to make some trade-offs, particularly in the short-term. Over the medium-term however, it is clear that Europe and other regions across the world can enhance energy security while simultaneously accelerating the energy transition."