Russia may shut off gas completely, Europe must act now, warns IEA.  Russo-Ukraine War News

Russia may shut off gas completely, Europe must act now, warns IEA. Russo-Ukraine War News

IEA chief says Europe needs ‘contingency plans’ as Russia could further reduce gas delivery amid its war in Ukraine.

The head of the International Energy Agency (IEA) said Russia could shut Europe off gas entirely as it seeks to increase its political gains during the Ukraine crisis, something Europe needs to prepare for now.

IEA executive director Fatih Birol said in a statement on Wednesday, “I will not deny that Russia will continue to find different issues here and there and excuses to further reduce gas deliveries to Europe – and Maybe even cut it out completely.” Reuters news agency.

“This is why Europe needs contingency plans,” Birol said, adding that the recent flow reduction could be an attempt to gain political mileage ahead of the high-demand winter months.

He said the IEA did not see the absolute cut-off as the most likely scenario.

The European Union has approved Russian oil and coal, but refrained from banning gas imports because of its heavy reliance on supplies from Moscow.

In terms of total energy investment for 2022, the IEA said in a report that $2.4 trillion was to be invested in the sector this year, including record spending on renewable energy. But it added that bridging the supply gap and tackling climate change fell short.

‘Two dreams of the future’

An 8 percent increase from last year, when the pandemic was more severe, investments include major growth in the power sector and efforts to increase energy efficiency, it said in its annual investment report published on Wednesday.

Investment in oil and gas, on top of holding back efforts to reach climate goals, may not meet rising demand if energy systems are not reoriented towards clean technology, it said. .

“Today’s oil and gas spending is stuck between two visions of the future: it’s too high for a path limiting global warming to 1.5°C – but not enough to meet rising demand in a scenario where Governments live with today’s policy settings and fail to deliver on their climate promises,” the agency said.

Ambitious climate goals?

Meanwhile, an EU official said the body would temporarily switch back to coal to deal with dwindling Russian gas flows without derailing long-term climate goals.

European leaders have hit out at Russia because flow through its Nord Stream 1 pipeline was cut to just 40 percent of capacity.

Germany, Italy and the Netherlands have indicated that coal-fired power plants can reduce supply gaps, even as Germany has committed to ambitious climate change goals to host the Group of Seven summit. is confirmed.

A senior European Commission official said Europe would temporarily pursue a fossil fuel substitute for Russian gas in light of President Vladimir Putin’s actions.

“Russia’s illegal invasion of Ukraine has resulted in an emergency situation in the European Union,” Elina Bardram, acting director for international affairs and climate finance at the European Commission, told the Africa Energy Forum in Brussels.

“We are seeing very wicked moves on the part of the Putin administration in terms of abruptly reducing the flow of Gazprom, we are taking some very important measures, but all those measures are temporary,” she said. .

The measures will be phased out as soon as the EU remains determined to stick to its climate goals, she said.

Bardram, who led the European Commission delegation to the 2015 Paris climate talks, said: “The EU’s 2030 and 2050 targets remain fully intact … while we may temporarily increase coal use, the long-term direction is clear. ”

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