Wednesday, May 18, 2022

HomeEU affairsUS and EU commit to ensuring energy security while guaranteeing gas supplies

US and EU commit to ensuring energy security while guaranteeing gas supplies

European Commission’s President Ursula von der Leyen and US President Joe Biden said to be jointly committed to Europe’s energy security and sustainability and to accelerating the global transition to clean energy. In particular, they both share the objective of ensuring the energy security of Ukraine and the progressive integration of the country with the EU gas and electricity markets.

“The EU’s and the United States’ commitments to meet the goals of the Paris Agreement, through clean energy, in particular renewables, energy efficiency and technologies, provide a path to energy security and reduced dependence on fossil fuels,” read their joint statement. “The current challenges to European security underscore our commitment to accelerating and carefully managing the transition from fossil fuels to clean energy.”

Over the last decade, the EU has invested in the diversification of supply through infrastructure and reinforcement of its internal energy networks, increasing the resilience and flexibility of EU energy markets. More recently, the Commission has proposed to invest 1.037 billion euros in 5 cross-border infrastructure projects under the Connecting Europe Facility (CEF) for trans-European energy networks. Among these, the EuroAsia interconnector project will receive the largest amount of funding, (657 million euros). It is the first electricity interconnection between Cyprus and the European grid through Greece, allowing the transmission of electricity in both directions and ending the energy isolation of Cyprus.

“The  EuroAsia Interconnector is, perhaps, the most important energy infrastructure project for the whole of Cyprus, which ensures the achievement of the energy goals set within the context of the transition to a green economy, contributes to the increase of RES penetration and reduction of carbon dioxide emissions and offers significant social, economic and environmental benefits to Cypriot and European consumers,” commented the Project Promoter of the EuroAsia Interconnector.

The investment was also welcomed by the United States, which defined the project as “a key part of strengthening regional energy security and increasing use of clean energy.”

“This work is critical,” said US Special Presidential Envoy for Climate, John Kerry. “The Eastern Mediterranean is on the front lines of the climate crisis and the US has a steadfast commitment to supporting clean energy cooperation that enhances resilience, energy security and economic prosperity throughout the region.”

Indeed, as underlined by President Joe Biden, the United States and the EU are working jointly towards a continued, sufficient and timely supply of natural gas to the EU from diverse sources, with the US States being already the largest supplier of liquefied natural gas (LNG) to the EU.

“We are collaborating with governments and market operators on supply of additional volumes of natural gas to Europe from diverse sources across the globe,” Ursula von der Leyen’s and Joe Biden’s joint statement continued. “LNG in the short-term can enhance the security of supply while we continue to enable the transition to net-zero emissions. […] We will also exchange views on the role of storage in the security of supply.”

Photo: European Commission/G20

Sign up to our biweekly newsletter


    Most Popular