As Europe finds itself at war, both militarily and economically, the question of energy independence is a hot topic once again.
For too long, the West has relied on the world’s traditional energy superpowers – Russia, Saudi Arabia, the UAE – for its supplies, but that must end.
This is obviously easier said than done but Germany’s decision to press pause on the $11 billion Nord Stream 2 pipeline, is a significant step and will impact their ability to keep an additional 26 million German homes warm at an affordable price. The Gazprom-owned Swiss-based company building the pipeline has denied it has filed for bankruptcy but is said to have fired all its staff. It’s a blow to those individuals, obviously, but a necessary evil in the fight against Putin.
Imposing sanctions on Russia is one obvious way to hit Putin’s regime where it hurts but we must move more quickly towards energy independence here in the UK. We unquestionably have the resources to end our reliance on fossil fuels and unpleasant regimes, but a lack of joined up thinking around our energy subsidies and taxes and an absence of solid and bold policy is holing us back.
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