EU Drafts Plan To Accelerate Green Transition In Response To Iran War Energy Shock

(MENAFN- Daily News Egypt) European Union governments are planning to accelerate the bloc's transition to clean energy to counter fossil fuel price shocks triggered by the war in Iran, according to a draft agreement seen by Politico.

Foreign ministers of the 27 EU member states are expected to sign a set of conclusions next Tuesday that will outline a new energy and climate direction for the bloc. The draft text, which was approved by the EU Council's Political and Security Committee on 14 April, now requires final approval from EU ambassadors and foreign ministers.

Driven by the sharp rise in oil and gas prices resulting from the conflict, the draft reflects deep concerns regarding the EU's autonomy and security. The text states that“hostilities in Iran and the broader region threaten regional and global security and prosperity.”

Acknowledging the geopolitical and economic risks stemming from a heavy reliance on imported fossil fuels, the Council identifies the shift to renewables as the optimal solution. The draft asserts that an energy transition based on“clean, abundant, and home-grown energy remains the most effective strategy to achieve Europe's strategic independence.”

Member states indicate in the draft that“accelerating the deployment and integration of renewable and low-carbon energy sources” would reduce prices. The document concludes that the transition to clean energy“is also a source of enhancing energy and economic sovereignty.”

Furthermore, Politico reports the draft warns that the EU must prepare for the geopolitical and trade impacts resulting from“a decline in demand for fossil fuel imports in the EU over the next decade.”

The text also emphasises the need for the EU to leverage its foreign and defence policies to support the development of the clean technology sector, particularly“in light of increased defence spending.” The draft states that strategic defence investments rooted in the bloc's energy transition“can strengthen both the clean tech and defence industries in the EU, increase defence readiness, enhance the military's resilience, and improve adaptation to the impacts of climate change.”

Reaffirming the EU's support for multilateral climate initiatives, the draft specifies that the Paris Agreement“should be considered an essential element in future trade and investment agreements.” Additionally, the document calls for a temporary halt to controversial solar radiation modification technologies, which seek to cool the planet.

Overall, the text stresses that EU foreign and defence policy must“urgently enhance the EU's resilience and preparedness to face climate, environmental, and energy security threats.”

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