EU is seeking alternatives to break free from Russian fossil fuels

Brussels will unveil new plans on Tuesday to ditch Russian fossil fuels to attain higher vitality independence following Moscow’s invasion of Ukraine.

The technique consists of focusing on new suppliers, rushing up the inexperienced transition and setting necessary fuel storage ranges throughout the bloc.

“Diversification, reorganisation, and compensation, to guard residents and corporations. Italy is working to cut back dependency on Russian fuel as quick as attainable,” Italian Prime Minister Mario Draghi mentioned on Monday following a gathering in Brussels with European Fee President Ursula von der Leyen.

“On Saturday, I spoke on the telephone with Emir Al Thani of Qatar, with whom I mentioned, specifically, tips on how to strengthen vitality cooperation between our international locations.”

However how can Europe assist companies and households already battling hovering costs?

Simone Tagliapietra, a Senior Fellow at Bruegel, says a brand new European device is required.

“Within the quick time period, our residents, our enterprises will probably be vastly affected, and actually, they’re already vastly affected by all this,” Tagliapietra instructed Euronews.

“Let’s keep in mind that excessive vitality costs have been there for a very long time now, a number of months.”

“I feel we want a brand new European instrument as a result of completely different international locations right here will probably be affected otherwise. There are international locations which might be extra uncovered to Russian fuel, that can undergo greater than international locations that aren’t depending on Russian fuel, or not depending on fuel in any respect,” Tagliapietra mentioned.

In keeping with the European Fee, Russia provides round 40% of the bloc’s pure fuel.