The EU's labelling of gas as 'green' in its sustainable finance taxonomy is the biggest gift the EU could make to Putin. By William Todts, Executive Director Russians are used to celebrating Christmas a little
The EU’s labelling of gas as “green” in its sustainable finance taxonomy is the biggest gift the EU could make to Putin.Russians are used to celebrating Christmas a little later than their western brothers. Even so, Russia’s president, Vladimir Putin, must have been particularly surprised to receive the Commission’s 31st of December gift.
. Contrary to popular belief, oil, not gas, is Russia’s real cash cow, accounting for 4 out of 5 dollars made on oil and gas exports. In recent years, Russia has amassed hundreds of billions in reserves. It has also invested heavily in its army . Most of this was done with money it earned selling fossil fuels to Europe.withholding gas supplies from Europe.
to place sanctions on new Russian gas projects. Whatever the merit of this plan, it is clear it doesn’t protect European households against record gas prices next winter.We must all hope war in Ukraine is averted. Yet even if diplomacy wins the day, there will not be a return to a world of cheap and stable oil and gas. We’re going through the first big crisis of the energy transition.
In reality, gas is the achilles heel of the European energy transition. Anglo-Dutch production is declining sharply. At the same time, gas demand in Europe
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