This webinar, organised in cooperation with Eni, is the second episode of a series that will discuss main drivers and consequences of the unprecedented high levels of energy commodity prices across Europe, looking in particular at the impact of Russia’s aggression towards Ukraine on energy markets and the international politics of energy. It will assess Europe’s ability to tackle its vulnerabilities in the present context, assessing barriers and opportunities in the EU’s attempts to reduce reliance on Russian gas, especially looking at the role of gas diversification as one of the main options explored by the European Commission.
Russia’s war to Ukraine has drastically changed the energy and political paradigm. Europe expressed its strong political commitment to wean itself off Russia’s gas, outlined in its REPowerEU strategy. Through this strategy, the European Commission seeks to increase energy security, while fostering decarbonization in line with its 2030 and 2050 climate targets. Under this strategy, a relevant player for energy security will be the liquefied natural gas (LNG). Higher LNG imports to Europe need to address several issues and entail major consequences for the global energy markets. Meanwhile, the current crisis has also boosted Europe’s commitment toward climate neutrality. In doing so, the EU needs to reconcile energy security in the short term and its climate targets in the long term.
The speakers, who have specific expertise on global and European energy market and transition, discuss the main energy consequences of Russia’s war in Ukraine and its potential consequences on the energy transition, analyzing the main initiatives under consideration and their feasibility.
