The closure of the Strait of Hormuz has added €127 billion to Europe’s fossil fuel import costs without providing any additional energy, European Commission President Ursula von der Leyen said at the WinWin Brussels Summit, an event focused on startups.
“When we import oil and gas, we risk importing the shocks and crises that come with them,” von der Leyen said, pointing to the cost of Europe’s reliance on fossil fuel imports.
She described the clean-energy transition as a matter of climate protection, competitiveness and European independence. Von der Leyen also cited droughts, wildfires and floods as effects of climate change seen this year.
The EU’s stated target is to become climate-neutral by 2050. Von der Leyen said the bloc had taken an important step toward that goal with an agreement to cut European emissions by 90% by 2040. She added that more than €1.2 trillion had been invested in sustainable activities across the EU since 2021, and said those investments require long-term certainty.
Sources: ANSA Economia. ANSA Economia.