As the current geopolitical crisis pushes energy security concerns to the forefront, S&P Global Platts, an independent energy markets information provider, forecasts that Europe will need at least 150 GW of renewable power to meet its green hydrogen goal, which is expected to assist not only in phasing out Russian fossil fuels but also in speeding up the energy transition.
Due to the Ukraine crisis, the European Union is actively working on securing its independence from Russian fossil fuels well before 2030, starting with gas. In pursuit of this, the EU moved to phase out all Russian oil imports “in orderly fashion.”
As growing energy supply concerns have led to increased volatility in oil and gas prices, the EU presented its REPowerEU Plan as a way forward to come to grips with a double urgency, seeking to reduce the EU’s dependency on Russian fossil fuels…