LUCREZIA REICHLIN
Europe will never have the abundant fossil-fuel resources of the US, but it can still achieve the kinds of energy diversification and cost reductions seen in China. This would protect Europe from price spikes and enable the EU to compete in the defining economic race of our time: turning electricity into intelligence.
LONDON – The US-Israeli war on Iran is a wake-up call for the European Union: energy remains a critical strategic vulnerability. But addressing this vulnerability by weakening elements of the European Emissions Trading System, as the European Council seems to want, would do nothing to confront a challenge that extends well beyond dependence on imported fossil fuels. The real source of Europe’s vulnerability is an energy system that is fundamentally incompatible with economic power in the 21st century.
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