European Parliament discusses energy security
The European Parliament will convene today for a plenary session in Brussels.
Today’s agenda will primarily examine the EU’s response to the Russian invasion of Ukraine through the lens of energy independence.
European reliance on Russian energy has been a major factor in the EU’s response to the Russia-Ukraine war, as Russian gas accounts for 40% of EU consumption. However, Germany’s recent suspension of the Nord Stream 2 pipeline signaled the first major action taken by a member state towards Russian energy. Along with Germany, other members, such as Greece, have already begun looking for alternative energy sources.
In the short-term, the ongoing energy crisis further pits Moscow against the Brussels, but an oil and gas embargo appears unlikely for a few months as officials from EU member states remain concerned about their current dependence on Russian oil, gas and coal and others prefer to close any current sanction loopholes. As such, it is likely that Parliament will adopt the EU Commission’s energy independence plan, which aims to reduce EU demand for Russian gas by two-thirds before 2030.
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