Italy Pushes For Creation Of Pan-European Gas Reserves - Prime Minister

(@FahadShabbir)

Italy Pushes for Creation of Pan-European Gas Reserves - Prime Minister

ROME (UrduPoint News / Sputnik - 23rd October, 2021) At the summit of the leaders of the European Union held in Brussels, Italy offered to strategically join gas reserves from various European countries, Italian Prime Minister Mario Draghi said at the press conference following the European Council meeting on Friday.

From October 21-22, EU leaders met in Brussels to discuss COVID-19, energy prices, trade, external relations, migration and other relevant issues on the European agenda.

"We declared the need to immediately prepare an initiative for the storage of strategic reserves (gas) and take an inventory of the reserves that are now available in various countries. This will allow us to create a system that will protect all countries of the Union equally," Draghi said at the press conference in Brussels.

Since it is difficult to give up reliance on gas immediately, many countries will continue to rely on gas in their ecological transition, "but the final goal can only be renewable energy sources," Draghi explained, as he stressed the need for pan-European long-term sustainable measures.

The Italian prime minister added that a number of EU countries "want to return nuclear energy to the list of non-polluting, acceptable sources," noting that the European Commission will make a motion on this in December.

The European Union has seen a spike in natural gas prices over the past few months, driven by growing energy demand in an economic recovery after months of lockdowns, coupled with a limited supply. The peak price of gas futures in Europe exceeded $1.900 per 1,000 cubic meters in early October.