9 Mar, 2022

EU looks to speed up renewables transition to cut reliance on Russian gas

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The European Commission, the EU's executive arm, on March 8 proposed speeding up the bloc’s clean energy transition and reducing its dependence on Russian gas.

Under the proposal, member states would diversify gas supplies, increase biomethane and renewable hydrogen production and imports as well as replace gas in heating and power generation. The proposal aims to cut demand for Russian gas by two-thirds by the end of 2022 and phase out dependence on Russian fossil fuels by 2030.

The EU imports 90% of its gas needs, with almost half of that coming from Russia.

"The quicker we switch to renewables and hydrogen, combined with more energy efficiency, the quicker we will be truly independent and master our energy system," Commission President Ursula von der Leyen said in a statement.

Elsewhere in this week's newsletter, we take an in-depth look at the Intergovernmental Panel on Climate Change's climate adaptation report and examine efforts in the U.S. to stimulate domestic critical mineral supply chains. Our weekly podcast explores the U.K.'s voluntary approach to improving gender balance on corporate boards. Notable gains have been made in increasing the number of women on boards at the country’s largest companies, but there remains a lack of women CEOs and CFOs.

Chart of the Week

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