Denmark’s plans to export renewables to North West Europe via energy islands in the North and Baltic Seas are beginning to look increasingly promising following growing political support to tackle energy security and volatile prices due to the Ukraine war.
The war in Ukraine seems set to accelerate clean hydrogen development in the EU, in line with the bloc’s increased targets for hydrogen uptake, but the nascent industry still has considerable challenges to overcome.
Poland, Bulgaria and Finland are the first EU nations to see Russian gas deliveries completely cut off after the invasion of Ukraine, but others may soon follow as Moscow insists on payment in rubles and launches counter-sanctions against the West.
The divestment of European banks from fossil fuels projects is slowly but gradually gathering pace, a director at BlackRock, the US investment management firm, said at the Flame Conference in Amsterdam.
Russia has exported an estimated 63 billion euros worth of fossil fuels since the beginning of the Ukraine war, a new study shows. The EU imported 71% of this, highlighting the challenge Europe is facing in weaning itself off Russian energy – and gas in particular.
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