BRUSSELS: On 9 March, in response to the crisis in Ukraine, the European Commission published the RePowerEU Communication (1), which aims to accelerate the EU’s energy transition and reduce its massive dependence on imported fossil fuels. Gas and electricity production are at the heart of the Communication, but liquid fossil fuels must not be overlooked.
The EU relies heavily on imported oil. In 2020, the EU imported 23 million tonnes of oil equivalent (Mtoe) diesel and gasoil (2), as well as 440 Mtoe of crude oil. Together, diesel and gasoil represented 70% of all vehicle fuel consumed in Europe. In the same year, the EU used 13 Mtoe of biodiesel, the largest source of renewable energy used in transport (3), a sector still dominated by fossil fuels with a 93% market share (4).
The EBB fully endorses the statement of the Commission’s First Vice-President Frans Timmermans, which made clear that the answer to reducing Europe’s dependence on oil imports, “lies in renewable energy and diversification of supply,” and “renewables give us the freedom to choose an energy source that is clean, cheap, reliable and ours.”
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