It’s been 100 days since the war on Iran began, dragging the world into one of the greatest fossil fuel shocks of our time.
Europe’s renewable boom has helped shelter the continent from soaring oil and gas prices – which remain volatile due to Iran’s stranglehold on the Strait of Hormuz – with solar alone saving Europe €12.8 billion as of 2 June.
However, the EU still spends billions of euros on fossil fuel imports – and has increased its dependency on its two largest liquid natural gas (LNG) suppliers, the US and Russia.
Is the EU reducing its fossil fuel imports?
A new analysis by the Institute for Energy Economics and Financial Analysis (IEEFA) shows that EU imports of LNG have dropped by 1.2 per cent since March and continue to decline.
