BAKU, Azerbaijan, Jan.17. Gas costs in Europe
have dropped beneath the degrees earlier than the struggle in Ukraine, European
Commission President Ursula von der Leyen mentioned in the course of the
discussions on Mastering New Energy Economics on the World Economic
Forum in Davos, Switzerland, Trend studies.
“A 12 months in the past, Europe had a large dependence on Russian fossil
fuels constructed over a long time. It made us susceptible to produce squeezes,
worth hikes. In lower than a 12 months Europe has overcome this
dependence. We have changed 80 p.c of Russian pipeline fuel. In
parallel, we’ve crammed our storages, after all, we’ve lowered our
demand by greater than 20 p.c within the interval from August to
November and thru collective effort, we introduced down fuel costs
faster than anybody anticipated. From its peak in August when it was
350 euros per megawatt-hour, it’s now dropped by 80 p.c by
this month and that’s beneath the degrees of earlier than the Ukraine struggle,”
she mentioned.
Ursula von der Leyen went on to that local weather change already
comes with an enormous value.
“We haven’t any time to lose within the transition to scrub economic system. Net
zero transformation is already inflicting big industrial, financial
and geopolitical shift. It is reshaping the character of our business,
however we’re on the point of one thing far larger. In lower than three
a long time we wish to attain web zero, now we have to. But the highway to web
zero means creating and utilizing a complete vary of latest clear
applied sciences throughout our economic system. Next a long time will see the best
industrial transformation of our occasions,” she added.
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