There is no financial “workaround” for “mind-boggling” energy price rises in Europe, and the latest crisis shows the need to reduce dependence on imported fossil fuels through green investments, the EU’s climate commissioner has warned.
Speaking to the FT as the EU grapples with a €22bn price shock from the war in the Middle East, Wopke Hoekstra said Europe was “overburdened with debt” and that countries’ weak public finances limited their ability to support citizens.
On a visit to cleantech businesses Ecocem and Verkor in Dunkirk, Hoekstra said: “The only way forward is more electrification, more nuclear, more solar, more wind, more battery capacity, more interconnectors in the European Union, and all of it with much more speed.”
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