Image courtesy of SSE plc.
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In the first two months of the US-Israel war with Iran, fossil fuel price spikes cost Europe an additional €18.5 billion. Despite this vulnerability, electrification offers Europe a path away from this vulnerability. European manufacturers can already produce twice as many wind turbines and electric vehicles as the continent deploys each year, and triple the number of heat pumps.
Ember’s new report, “A clean break: leaving fossil volatility for clean tech security“, published today, finds that Europe’s clean tech manufacturing base is far stronger than commonly assumed and that even where imports are unavoidable, they carry fundamentally lower risks than the fossil fuels they replace.
Fossil fuel imports cost EU €1.8 trillion in four years
