Governments’ efforts to reduce their dependency on Russian fossil fuels could put their climate targets at risk.
That’s one of the findings of a new report by ING which suggests that if countries seek ways to ensure energy security by reducing reliance on Russian gas, they will likely find other alternatives, including coal.
That move could hinder the global capacity to achieve net zero, analysts noted.
Gerben Hieminga, ING Senior Sector Economist told ELN: “It is not an easy task for Europe to cut reliance on Russian gas. Europe is 40% dependent on its gas demand from Russia, a total of 155 billion cubic metres and we estimate that 55%, in a best-case scenario, can be substituted by other sources.
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