Daily Banking News
$41.48
+1.39%
$157.67
+0.62%
$56.81
+1.14%
$26.88
-1.07%
$279.51
+0.91%
$408.56
+1.77%
$72.04
+1.62%
$104.72
+0.54%
$77.79
+0.57%
$2.36
-0.84%
$18.90
+1.23%
$68.09
-0.15%
$63.20
-0.39%

Europeans told to turn down heating to fight Putin


Widespread one degree reduction in heating would drop gas demand by one billion cubic metres a year – IEA

Europeans should turn their thermostats down by a degree to drop their dependence on Russian energy imports, the world’s largest energy advisor has said.

The International Energy Agency told Europeans that the region had to urgently cut its dependence on Russian energy in expectation of dwindling supplies as the West ramps ups sanctions on the Russian economy.

The group said turning down buildings’ heating by 1°C would reduce gas demand by 10bn cubic metres a year.

“Nobody is under any illusions anymore. Russia’s use of its natural gas resources as an economic and political weapon show Europe needs to act quickly to be ready to face considerable uncertainty over Russian gas supplies next winter,” said IEA Executive Director Fatih Birol.

Mainland Europe is heavily reliant on Russia for its energy requirements, with the 155bn cubic metres of natural gas imported from Russia in 2021 accounting for 45% of  EU gas imports and nearly 40% of its total gas consumption.

The suggestion was part of a 10-Point plan released by the IEA to reduce Russian gas dependence by over a third within a year while supporting a shift to clean energy.

Other suggestions included the accelerated deployment of new wind and solar projects and the replacement of Russian gas supplies with alternative markets.

The IEA, led by the US, recently released 60mln barrels of oil reserves, equivalent to less than two weeks of Russian imports, in an attempt to soften spiraling oil prices which sit at a seven-year high.



Read More: Europeans told to turn down heating to fight Putin

Get real time updates directly on you device, subscribe now.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.