7th Annual Global Energy Efficiency Conference commences
The 7th Annual Global Energy Efficiency Conference will commence today in Sonderborg, Denmark.
Much of the conference will focus on how energy usage can be lowered can be reduced in order to reduce emissions. In 2020, the EU committed to a 55% reduction in carbon emissions (from 1990 levels) by 2030 and climate neutrality by 2050—initiatives which will likely be accelerated by geopolitical factors as well as high oil and gas prices.
Denmark and other EU member states are likely to make significant efforts to meet and exceed their commitments in order to reduce their dependency on Russian energy exports, including phasing out coal power. Russia’s state-owned gas provider Gazprom recently cut off supplies to Denmark, in part due to a referendum that ended the country’s opt-out of the EU’s common defense and security policy.
In addition to domestic efforts, the EU is considering carbon tariffs to ensure regulations do not reduce the competitiveness of its economy—which are likely to be implemented in the long-term as such measures are also partially motivated by geopolitical protectionism. In the medium to long-term, expect the EU to make significant progress on achieving its 2020 goals due to the additional geopolitical incentives.
Download the Daily Brief app to stay ahead of geopolitics with daily, short, forward-looking analysis of geopolitical events before they hit the headlines.
