Friday, April 12, 2024

 

U.S, EU Srike Energy Deal To Reduce Dependence On Rusia’s Gas

Must Read

Court Remands Godwin Emefiele In EFCC Custody

Justice Rahman Oshodi of the Special Offences Court in Ikeja has remanded the embattled former Central Bank of Nigeria,...

Edo Assembly Impeaches Deputy Gov Shaibu

Comrade Philip Shaibu The Edo State House of Assembly, on Monday, impeached the state’s Deputy governor, Comrade Philip Shaibu. The...

Banks, Breweries, Foreign Companies Set To Storm 13th Gateway International Trade Fair

Foreign companies from across West Africa have indicated interest in participating at this year's Gateway International Trade Fair billed...

 

The United States and the European Commission said that they have struck a commitment to reducing Europe’s dependency on
Russian energy.

The position was contained in a Joint Statement between the European Commission and the United States on European Energy Security.

“We reaffirm our joint commitment to Europe’s energy security and sustainability and
to accelerating the global transition to clean energy. In condemning in the strongest terms Russia’s further invasion of Ukraine, we express our solidarity and support for Ukraine. We share the objective of addressing the energy security emergency, to ensure energy supply for the EU and Ukraine.,” the joint statement read.

“We welcome the continued progress toward the physical integration of Ukraine with the EU energy markets. The energy security and sustainability of the EU and Ukraine are essential for peace, freedom and democracy in Europe,” the statement read further, adding the U.S and Europe Commission “will immediately establish a joint Task Force on
Energy Security to set out the parameters of this cooperation and execute its implementation.”

Beelow is the full statement;

Joint Statement between the European Commission and the United States on European Energy Security

Brussels, 25 March 2022

Preamble

The United States and the European Commission are committed to reducing Europe’s dependency on Russian energy. We reaffirm our joint commitment to Europe’s energy security and sustainability and to accelerating the global transition to clean energy. In condemning in the strongest terms Russia’s further invasion of Ukraine, we express our solidarity and support for Ukraine. We share the objective
of addressing the energy security emergency to ensure energy supply for the EU and Ukraine.

We welcome the continued progress toward the physical integration of Ukraine with the EU energy markets. The energy security and sustainability of the EU and Ukraine are essential for peace, freedom and democracy in Europe.

Through the Joint European action for more affordable, secure and sustainable energy (REPowerEU), the EU confirmed its objective to reach independence from Russian fossil fuels well before the end of the decade, replacing them with stable, affordable, reliable, and clean energy supplies for EU citizens
and businesses.

The United States and the EU are committed to meeting the goals of the Paris Agreement, achieving the objective of net zero emissions by 2050, and keeping a 1.5 degrees Celsius limit on temperature rise within reach, including through a rapid clean energy transition, renewable energy, and energy efficiency. These policies and technologies will also contribute to making the EU independent from Russian fossil fuels. Natural gas remains an important part of the EU energy system in the green transition, including by ensuring its carbon intensity decreases over time.

The United States and European Commission confirm our strategic energy cooperation for security of energy supply and reducing dependence on fossil fuels. We share efforts to make available stable,affordable, reliable and clean energy supplies to citizens and businesses in the EU and its neighbouring partner nations. In this framework, we establish an immediate cooperation to address
the emergency energy security objective of ensuring appropriate levels of gas storage ahead of next winter and the following one.

We will continue our close cooperation on other measures to accelerate the green energy transition, lower energy consumption and reduce dependence on fossil fuels.

Task Force on Energy Security

The United States and the European Commission will immediately establish a joint Task Force on Energy Security to set out the parameters of this cooperation and execute its implementation. The
Task Force will be chaired by a representative from the White House and a representative of the President of the European Commission.
This Task Force will focus on the following urgent issues:

The United States will strive to ensure, including working with international partners,
additional liquified natural gas (LNG) volumes for the EU market of at least 15 bcm in 2022
with expected increases going forward.
The United States and European Commission will undertake efforts to reduce the greenhouse
gas intensity of all new LNG infrastructure and associated pipelines, including through the use
of clean energy to power onsite operations, the reduction of methane leakage, and the
construction of clean and renewable hydrogen ready infrastructure.

The United States commits to maintaining an enabling regulatory environment with procedures
to review and expeditiously act upon applications to permit any additional export LNG capacities that would be needed to meet this emergency energy security objective and support the RePowerEU goals, affirming the joint resolve to terminate EU dependence on Russian fossil fuels by 2027.

The European Commission will work with the governments of EU Member States to accelerate
their regulatory procedures to review and determine approvals for LNG import infrastructure, to include onshore facilities and related pipelines to support imports using floating storage regasification unit vessels, and fixed LNG import terminals.

The European Commission will work with EU Member States and market operators to pool
demand through a newly established EU Energy platform for additional volumes between April
and October 2022. The European Commission will also support long-term contracting
mechanisms and partner with the U.S. to encourage relevant contracting to support final
investment decisions on both LNG export and import infrastructure.

The European Commission will work with EU member states toward ensuring stable demand
for additional U.S. LNG until at least 2030 of approximately 50 bcm/annum, on the
understanding that the price formula of LNG supplies to the EU should reflect long-term
market fundamentals, and stability of the cooperation of the demand and supply side, and that this growth be consistent with our shared net zero goals. In particular, price formula should include consideration of Henry Hub Natural Gas Spot Price and other stabilising factors.

The EU is preparing an upgraded regulatory framework for energy security of supply and
storage. This will enhance certainty and predictability regarding security of supply and storage needs and ensure closer cooperation within the EU and its neighbouring partner nations.

The European Commission has proposed regulation on energy storage to ensure that the existing storage infrastructure is filled up to 90% of its capacity by 1 November each year, with specific phase-in provisions for 2022. The European Commission will coordinate with the Member States and provide transparency with respect to available LNG capacity in EU terminals.

The United States and the European Commission will engage key stakeholders, including the
private sector, to formulate immediate recommendations that will reduce overall gas demand through accelerating market deployment and utilization of clean energy technologies and measures in Europe and the United States such as:Partnering on technologies and energy efficiency solutions such as ramping up demand
response devices (such as smart thermostats) and heat pump deployment and installations,
scaling procurement for clean energy equipment, investing in innovative technologies and fuel-
switching away from fossil fuels.
Expediting planning and approval for renewable energy projects and strategic energy
cooperation including in offshore wind technologies.

Developing a strategy to accelerate workforce development to support the rapidly deployment
of clean energy technologies, including an expansion of solar and wind.

Collaborating to advance the production and use of clean and renewable hydrogen to displace
unabated fossil fuels and cut greenhouse gas emissions, including by investing in technology
development and supporting infrastructure.
The European Commission is working to advance measures that reduce gas consumption by
maximizing renewable energy generation and utilization, including by reducing curtailment
rates.

The United States and the European Commission are resolved to negotiate and then implement
an ambitious emissions-based Global Arrangement on Steel and Aluminum Trade that
incentives industrial decarbonization and lowers energy demand.

STATEMENT/22/2041

Press contacts:
Eric MAMER (+32 2 299 40 73)
Dana SPINANT (+32 2 299 01 50)
General public inquiries: Europe Direct by phone 00 800 67 89 10 11 or by email

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
Latest News

Court Remands Godwin Emefiele In EFCC Custody

Justice Rahman Oshodi of the Special Offences Court in Ikeja has remanded the embattled former Central Bank of Nigeria,...

Edo Assembly Impeaches Deputy Gov Shaibu

Comrade Philip Shaibu The Edo State House of Assembly, on Monday, impeached the state’s Deputy governor, Comrade Philip Shaibu. The impeachment followed the adoption of...

Banks, Breweries, Foreign Companies Set To Storm 13th Gateway International Trade Fair

Foreign companies from across West Africa have indicated interest in participating at this year's Gateway International Trade Fair billed to take place between April...

Ogun To Conduct Multidimensional Human Development Index Survey

The Ogun State Government is to conduct household surveys to develop a framework that will assist in planning, management, and evaluation of the multi-dimensional...

Lagos Deputy Commissioner Of Police Reportedly Takes Own Life

Late DCP Gbolahan Olugbemi A Deputy Commissioner of Police in Lagos, Gbolahan Olugbemi, has reportedly taken his life in Ogbomoso, Oyo State. Olugbemi, who was of...
- Advertisement -

More Articles Like This

- Advertisement -