Even if the Strait of Hormuz remains permanently open, it will take months for oil supplies to return to pre-war levels, Jørgensen said. Qatar’s gas infrastructure will not be restored for at least two years. The impact on fertilizer supplies is not yet foreseeable.
Jørgensen called on EU states to draw the right lessons from the conflict. The Iran war has cost the EU 645 million euros every day and was another wake-up call. “We must accelerate the shift away from fossil fuels,” the commissioner demanded.
A new electrification target is meant to free the EU from dependence on oil and gas. The EU Commission will present initial proposals in mid-July, Jørgensen announced. Currently, electricity accounts for 23 percent of the EU’s energy mix, while China and Japan are already heading toward 30 percent. “We have made no progress at all on electrification over the past decade,” Jørgensen warned.
Source: www.faz.net
