Business Association Wants EU To Bolster Energy Security

More than a hundred business leaders have urged Europe to improve its energy security by speeding up the green transformation. This comes after a letter from a group of 140 businesses to Ursula von der Leyen, European Commission President, ahead of the release of the Commission’s REPowerEU energy strategy.

Chiefs have expressed their support for the EU’s goal of weaning itself off Russian gas, oil, and coal as a critical step toward resolving the current energy independence and price crises. Leaders of the consortium, which includes Microsoft, H & M Group, Signify, Unilever, and Iberdrola, have encouraged the EU to take the current crisis as yet another reason to act in accordance with the Paris Agreement and to speed the green transformation with a sustainable domestic energy policy.

The letter adds that at the heart of the current energy security and price issues is an overreliance on unstable, foreign fossil fuels like gas, oil, and coal. It is past time for all to accelerate the green transition in order to boost Europe’s energy security and resilience. In reaction to the invasion of Ukraine, fundamental and just measures that can be implemented on the greener and technological transition while also responding to the level of urgency that one confronts must be prioritised. 

Reducing energy consumption by ramping up energy efficiency in buildings and cities must be at the heart of the EU’s plan to minimise both energy dependency on Russia and accomplish its climate objectives, and therefore, be one of the main pillars of the upcoming RePowerEU Plan, said Eric Rondolat, Signify’s Chief Executive Officer.

The current situation underlines the necessity to hasten the energy transformation to ensure a sustainable, resilient, and equitable economy, stated the Chairman and Chief Executive Officer of Iberdrola, Ignacio S. Galán. To prevent future disruptions, foster a self-sufficient energy system, and cut emissions, the structural solution is clear: accelerate the deployment of “Fit for 55” while actively supporting renewable energy, effective storage, and smart networks.