European lawmakers' decision to bless some natural gas plants and nuclear power as climate-friendly energy sources signals the high priority countries are placing on securing energy supplies to replace Russian fossil fuels.
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Gas-fueled power plants will need to meet certain emissions criteria in order to be referred to as sustainable investments and need to switch to low-carbon gases by 2035.Since the first of the year, European natural gas prices have skyrocketed by about 700%, according to Kevin Book, managing director of ClearView Energy Partners.
"What I think we're seeing is a divergence between rhetoric and realpolitik," Book told Axios. "Some of the governments that have espoused very green values are also signing 20-year contracts for LNG." "Lock-in, of course, is a real problem," he said via email from Austria. It will take "smart policy, strong political leadership" and "foresight" to avoid this, Wagner said.
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