EU Should Fulfill Green Transition Faster As Energy Prices Skyrocket - Commission

MOSCOW (UrduPoint News / Sputnik - 14th September, 2021) The European Union should act faster in the transition to renewable energy sources amid a rise in prices in the energy sector, the European Commission said on Tuesday.

"Instead of being paralyzed or slowing things down because of the price hike now in the energy sector, we should speed things up in the transition to renewable energy so that affordable renewable energy becomes available for everyone," Frans Timmermans, Commission Executive Vice-President for the European Green Deal, said.

The surge in energy prices is generally linked to shortages in the renewables market, he added.

The ongoing crisis, which emerged as a result of Europe's dependency on fossil fuels and natural gas, has not affected green energy sources, Timmermans noted, as their prices "have stayed low and stable."

Gas prices in Europe have soared along with demand for the product since early 2021, driven by the post-pandemic economic recovery, among other factors, according to experts. On Tuesday morning, gas prices on the European futures market hit a new record by exceeding $800 per 1,000 cubic meters.