There are obvious strategic reasons for EU policymakers to accelerate the clean-energy transition
[PARIS] Ever since Russia’s full-scale invasion of Ukraine in 2022, Europe has felt the strain of energy dependence.
Between 2021 and 2025, the European Union spent more than 2.2 trillion euros (US$2.5 trillion) on imported fossil fuels. And the closure of the Strait of Hormuz earlier this year, following the US-Israeli war on Iran, has forced the EU to pay an extra 50 billion euros for energy imports.
Volatile oil and gas markets affect everything from household bills to industrial costs and public finances.
