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EU climate change plans will ripple through foreign policy, researchers say
(Reuters, 3 Feb 2021) Researchers said the EU should set aside funds to help neighbouring countries, not only to aid global climate goals, but also help EU industry enter fast-growing new markets.
The European Union's goal to have zero net greenhouse gas emissions by 2050 will have "profound geopolitical repercussions," including sharply lower revenue to oil and gas exporting neighbors such as Russia, Algeria and Libya, the European University Institute and two influential think-tanks said on Wednesday.
By its own estimates, EU oil imports by 2050 would drop to 79% below 2015 levels to meet climate goals. Gas imports would fall by 67%. EU states import most of their fossil fuel energy needs, and the experts said sharp cutbacks in these purchases would hurt nearby economies and could destabilise some countries economically and politically.
"The EU needs to wake up to the consequences abroad of its domestic decisions," the researchers, who included experts from Bruegel and the European Council on Foreign Relations, said.
Europe's dwindling fossil fuel consumption could in turn depress oil prices, affecting major producers like Saudi Arabia, even if they have little trade with the EU.
The researchers said the EU should set aside funds to help neighbouring countries diversify hydrocarbon-dependent economies. This would not only aid global climate goals, but also help EU industry enter fast-growing new markets, they said.
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Reuters, 3 Feb 2021: EU climate change plans will ripple through foreign policy, researchers say
