In July, the European Parliament made a remarkable decision: it approved a law designating natural gas as a sustainable energy source.
Until a couple of years ago, the EU wanted to remove gas from the energy mix as soon as possible. The European Investment Bank had sought to cut off financing of natural gas infrastructure projects — from pipelines to liquefied natural gas terminals.
But Russia’s invasion of Ukraine has changed perceptions entirely. Instead of potentially stranding natural gas assets in the decade ahead, policymakers have shifted their attention to how they can keep the lights on and homes warm this winter. Tens of billions of euros of investment in gas projects will follow.
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