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BREAKING NEWS:

Saudi Energy Minister Calls For Long-Term OPEC+ Cooperation

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 * Tesla Faces Regulatory Scrutiny Over Braking Defect


EU DEBATES ENERGY PRICES AND NET-ZERO GOALS

By Charles Kennedy - Jan 21, 2022, 3:30 PM CST


The energy and environment ministers of the European Union (EU) member states
are discussing at the end of this week the soaring energy prices in the bloc and
ways to make sure that record-high power and gas prices do not impede the EU’s
2050 climate neutrality goal.  

Energy ministers will continue debates in Amiens, France, which began in the
European Council and the Council of Ministers at the end of last year on how to
protect EU consumers from extremely volatile and historically high gas and
electricity prices, while pursuing the Union’s climate goals, the French
Presidency of the Council of the European Union said before the meetings.



The energy ministers will also examine the outline for a new hydrogen economy
policy, focusing on “how to speed up the development of low-carbon hydrogen,
while addressing current uncertainty regarding the technological difficulty of
producing it and its place in Europe’s energy mix in the future,” the French
Presidency added.

The energy and environment ministers will also jointly consider “the principles
of the just transition and a green transition that is socially acceptable. The
transition to a carbon-free economy and society involves major transformations
that will change how we consume, produce, work, exchange, and coexist. For it to
be a success, Europe must ensure it is a socially just and inclusive transition
that meets the needs of the most vulnerable people and places in society.”



Moreover, on Friday, experts are expected to criticize the EU in feedback to the
European Commission over a proposal to include some nuclear and natural gas
projects in the so-called “sustainable finance” category, Reuters reported,
citing a document from the advisers it had seen.

Early this year, the European Commission launched expert consultations over
whether nuclear power and some natural gas projects can be considered
“sustainable” investments, receiving immediate backlash over “green nuclear”
from Germany and Austria, which accused the EU’s executive branch of
greenwashing.

By Charles Kennedy for Oilprice.com

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