U.S. President Joe Biden and European Commission President Ursula von der Leyen Friday announced a joint task force to reduce Europe’s dependence on Russian fossil fuels, thus draining Russian Federation coffers.
According to the World Economic Forum, “Europe is heavily dependent on Russia for its oil and gas,” and last year, around two-fifths of all gas Europeans burned came from Russia. A quarter of the European Union’s imported crude oil comes from Russia, which launched an invasion of Ukraine last month.
Russian energy imports to the EU in 2021 were worth $108 billion, said the forum. Since the invasion began the U.S. and Europe have imposed sanctions on Russia and its fossil fuel imports and Germany halted the Nord Stream 2 pipeline project.
The new task force is intended to strengthen European energy security as Russian President Vladimir Putin “wages his war of choice against Ukraine,” said a White House fact sheet released Friday. It will be chaired by a representative from the White House and a representative of the President of the European Commission.
Security for both the European Union and Ukraine will be priorities for the task force as it prepares for this winter and the next. Primary goals include diversifying liquefied natural gas supplies “in alignment with climate objectives,” and reducing demand for natural gas.
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state for easy shipping and storage for places far from gas pipelines, according to the U.S. Department of Energy. Today, the U.S. is the largest producer of natural gas, said the department.
Natural gas exports to Europe from the U.S. and other countries will increase by an estimated 15 billion cubic meters this year.
“The United States and the European Commission will undertake efforts to reduce the greenhouse gas intensity of all new LNG infrastructure and associated pipelines, including through using clean energy to power onsite operations, reducing methane leakage, and building clean and renewable hydrogen-ready infrastructure,” said the White House fact sheet.
Additionally, the European Commission will prepare upgraded regulatory framework for energy security related to supply and storage. It will also work with European Union member states to accelerate regulatory procedures “to review and determine approvals for LNG import infrastructure.”
To reduce overall gas demand, the task force intends to accelerate “market deployment of clean energy measures,” such as using energy efficiency devices. Estimated reductions through energy savings in homes can replace 15.5 billion cubic meters this year, said the White House.
“We will continue to collaborate to advance the production and use of clean and renewable hydrogen to displace unabated fossil fuels and cut greenhouse gas emissions, which will include both technology and supporting infrastructure,” said the fact sheet added.
Related
Related
