LONDON, Nov 16 (Reuters) – Europe has failed in its power transition, the chief government of Spain’s largest oil and gasoline agency Repsol (REP.MC) advised the Reuters Power Transition Europe 2022 convention on Wednesday, citing particularly the repercussions of the conflict in Ukraine.
Josu Jon Imaz stated Europe failed to ensure its personal power safety by having been too depending on Russian provides, didn’t make power sufficiently inexpensive and fell in need of decarbonisation plans to confront world warming.
“We totally misplaced (on power safety and affordability) and that would not be the case if it weren’t for the dependence on Russia for years,” Imaz stated.
“We really deserted the topic of affordability and immediately we have now a state of affairs the place a number of households, they cannot pay their payments in our continent.”
Carbon emissions on the continent had been down, Imaz added, however had been being shifted to different locations as industrial exercise in creating economies elevated.
Repsol was attempting to handle a crunch in scarce and costly diesel by ramping up refining however there was no fast repair, he added.
Reporting by Ron Bousso; Writing by Noah Browning; Enhancing by Kirsten Donovan
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