Oxford: Green energy could replace Russian gas in EU in 5 years

According to a new report by the Oxford Sustainable Finance Group, affiliated with Oxford University’s Smith School of Business and Environment, the post-war EU initiated by Russia in Ukraine has implemented the RePowerEU plan, a package of emergency measures to eliminate its dependence on Russian gas by 2028. .

In order for the EU to end its dependence on Russian gas by 2028, 811 billion euros are needed.

This total includes the planned €299 billion expenditure on clean energy as part of the European Green Deal, and the additional €512 billion required for renewable energy and heat pumps.

According to the calculation in the report, approximately 90 percent of the additional investment of 512 billion euros is expected to eliminate the need to purchase gas in the next 30 years, thus providing a return on investment.

In order to realize these investments needed in clean energy, public and private funds are available to ensure large-scale installation of renewable energy sources and heat pumps, improving grid-scale solar and wind energy tenders and facilitating permit processes, rapid expansion of rooftop solar panels, insulation and heat pumps. It is recommended to increase support for the installation of pumps.

In his assessment of the report, Gireesh Shrimali, Head of Transition Finance Studies at Oxford Sustainable Finance Group, stated that the transition from Russian gas to clean energy will bring many benefits. By removing dependence on the import of a volatile fossil fuel, it can alleviate energy security concerns, address the cost of living crisis through energy costs, and advance goals of achieving net zero emissions and tackling the climate crisis.” used the phrases.

EU paid 5 billion euros for gas to Russia in the first 4 months of 2023

European Climate Foundation Senior Manager Laurence Tubiana stated that renewable energy sources and energy efficiency are an economical, safe and ethical way to move away from expensive Russian gas, “The political leaders of Germany, Italy and France, Europe’s largest gas importers, should benefit from cheap, safe and clean renewable energy for its citizens by undermining the war effort.” used the phrase.

Energy and Clean Air Research Center (CREA) Chief Analyst Lauri Myllyvirta shared the information that the amount of gas imported by the EU from Russia decreased by three quarters compared to the pre-war period and said:

“However, importing a large portion of this gas from other countries leaves the EU’s energy supply vulnerable to future geopolitical and supply shocks and continues to fuel climate change. LNG and pipeline gas imports from Russia continue, albeit at low levels: CREA, The EU estimates that the EU paid Russia 5 billion euros for gas in the first four months of 2023. This report states that solutions to replace imported gas with clean energy not only exist, compared to signing expensive long-term LNG contracts or investing in new fossil infrastructure. It also shows that it is economically viable.”

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