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THE 2021 ENERGY CRISIS IN THE EU AND ITS IMPLICATIONS ON CLIMATE CHANGE MITIGATION

Paul Calanter and Daniela Zisu

Euroinfo, 2022, vol. 6, issue 1, 55-67

Abstract: In 2021, a combination of interconnected factors created great disturbances on the global energy market. This article aims to analyse the causes of this energy crisis and its impact on the EuropeanUnion countries while examining the implications on the EU climate change mitigation policies. Also, the paper will present several measures for reforming the European Union's energy policies, which in the future will have to be directed towards designing mechanisms that will firstly withstand market fluctuations and, secondly, test the transition process to energy from renewable sources. Looking back, it seems that the European Union economy would have been better prepared to deal with this crisis if the EU authorities had carried out analyses and certain resilience exercises that could have anticipated such a crisis. With regard to the fight against climate change, our research shows that with rising fossil fuel costs, the price of conventional energy is volatile, and in view of this, renewable energy can be a much more stable-priced form of energy.

Keywords: energy crisis; EU; climate change; fossil fuels (search for similar items in EconPapers)
JEL-codes: O13 Q42 Q47 (search for similar items in EconPapers)
Date: 2022
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