European Commission President Bats for Hydrogen and Renewables to Russian Overhang

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European Commission President Ursula von der Leyen has said that Europe must expedite expansion of renewables and hydrogen to achieve energy security and displace Russian gas dependency. Just as political, diplomatic, economic and other sanctions continue to heap over Russia for its armed struggle in Ukraine, many European countries – including Germany – have faced acute shortage of fuel supplies. A situation made much worse by a stubborn refusal to relook their policies on nuclear plant shutdowns, notably in Germany and the UK.

The crude oil prices are hovering above $110 a barrel and are expected to rise even further. The gas prices across Europe went record high on Friday. The United States of America too is witnessing highest gas prices in a decade.

Speaking on the sanctions and the Russia-Ukraine war, Leyen held, “Our investments today will make us more independent tomorrow. I am thinking, first and foremost, about our energy security. We simply cannot rely so much on a supplier that explicitly threatens us.”

Amidst stopped supplies from Russian sources, Leyen added that European Commission had reached out to other suppliers around the world who have responded positively. She informed that Norway is stepping up and in January, there was a record supply of LNG gas.

The European Commission President also held that the European countries are building new LNG terminals and working on interconnectors but in the long run, it is the switch to renewables and hydrogen that will make them truly independent.

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Leyen said, “We have to accelerate the green transition. Because every kilowatt-hour of electricity Europe generates from solar, wind, hydropower or biomass reduces our dependency on Russian gas and other energy sources.”

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“This is a strategic investment. And my Honourable Members, this is a strategic investment, because on top, less dependency on Russian gas and other fossil fuel sources also means less money for the Kremlin’s war chest. This is also a truth,” she added.

As far as the global economic situation is concerned, the prices in commodity markets are soaring. Buyers – including China – are reaching out to other destinations than Russia as economic and financial sanctions are being slapped on Moscow. The International Energy Agency (IEA) says that global energy security remains grim and emergency release of crude reserves by the USA and others had little or no impact in warding off market fears.