Conclusions of the current political debate on the complementary delegated act to EU Taxonomy will significantly shape the European energy sector for most of the next decades. A comprehensive Taxonomy, highlighting all our domestic strengths, including the gas industry's century-long tradition of excellence, will help the EU stay ahead of global competition. At the same time, the EU will be able to provide a robust response to concerns about energy security arising from the current geopolitical context. Failure to act now will jeopardize the EU's energy security, damage our economy and destroy the credibility of our long-term decarbonization trajectory.
Three main challenges lie ahead: an acute energy security crisis in the short term that risks paralyzing our economy, a medium-term technological challenge - our industry is facing tough competition in the global arena, and a global threat of climate change that is emerging as we speak. The European Union needs a robust taxonomy framework that enables the European gas industry to contribute effectively to building a sustainable and carbon-free economy. This is something we need to realize as soon as possible.
If we want to assure European citizens that the commitment to decarbonize is taken seriously, our efforts must be firm and credible as we aim for the long-term goal of 2050 with net zero emissions. However, in order to be effective, our approach must strike the right balance between the most efficient (cost-effective) transition strategies.
Using our indigenous natural gas resources in Europe is one of the most efficient approaches we can implement at the moment.
Deep-sea gas reserves in the Black Sea, the Mediterranean or the North Sea are part of the solution, but bringing gas to the surface requires investor confidence and a steady, business-oriented public policy direction.
The inclusive taxonomy approach towards natural gas sends the right signal to the market and will help to successfully mitigate the impact of the current energy crisis by increasing Europe's collective energy security while ensuring economic stability.
This is particularly relevant for the protection of the EU regions most affected by the current energy crisis and will contribute to medium and long-term stability, especially in Central and Eastern Europe.
New natural gas resources will come to market either from the Black Sea or from reliable EU partners.
We will help to promote the REPowerEU strategy by, among other things, making significant investments in additional LNG infrastructure, which will help meet European demand in the short term and help to supplement our strategic gas storage.
Europe needs to be able to cope with the significant socio-economic changes brought about by a carbon-free path when major uncertainties in energy security persist. Utilizing the full technological prowess of the EU's energy ecosystem, including cutting-edge technical expertise in the natural gas sector, and directing it towards a fair but comprehensive energy transformation, will ensure exactly that. Natural gas, as a key transition fuel, provides a smooth pathway to a net-zero emission economy in 2050, playing a crucial role in moving away from fossil fuels and in mass deployment of renewable energy, electro-mobility or a fully decarbonized transport system.
The EU should be united in the face of today's insecurities, and the commitment to decarbonize must not deepen our dependence on energy resources outside the EU.
The political debate around the taxonomy exercise runs the risk of creating a significant, but wholly artificial, dividing line between decarbonization advocates. The current political debate is far too important to be taken hostage in narrow-minded disputes, no matter how justified the arguments put forward may be, in any broader picture of things. If we allow this to happen, nobody will benefit, neither our industry nor our citizens.
Source: politico.eu
