MOSCOW (Pakistan Point News / Sputnik - 14th October, 2021) The fossil fuel price crisis has many causes, but the only way out is the accelerated implementation of the provisions of the European Green Deal, the European Union External Action Service said on Thursday.
"This crisis is due to a variety of reasons, but all pointing to the need to accelerate the implementation of the European Green Deal," the statement said.
Europe's dependency on imported fossil fuels, as well as the general focus of EU policy on mitigating climate change, indicate the need for an early decarbonization of the European economy, it noted.
The European Union has seen a spike in natural gas prices over the past few months, driven by growing energy demand amid an economic recovery from months of lockdowns, and a limited supply. Peak price of gas futures in Europe exceeded $1,900 per 1,000 cubic meters in early October.
