T&E briefing outlines how Europe might reduce 35% of its transport oil demand.
Russia is the 2nd largest oil exporter on this planet and Europe is its largest buyer. Russia presently provides one out of each 4 barrels of oil consumed in Europe, two thirds of which is utilized in transport. The UK has introduced a ban on Russian oil imports and the European Union has introduced a part out of Russian oil imports by the tip of 2022.
“The EU’s plan to chop off Russian oil and cease the movement of cash to Putin is welcome. However the resolution to our oil dependancy can’t be to search around for one more seller within the Center East. We have to cut back oil consumption. Nearly half of Europe’s demand for Russian oil will be eradicated by 2023, and nearly all of it by 2025 by saving gasoline and switching to electrical autos sooner, notably in fleets. That is essential for Europe’s future safety and for the planet.” —William Todts, Govt Director, T&E
This paper assesses how, and to what extent, the EU might finish imports of Russian petroleum by lowering oil demand as a substitute of making new dependencies on different authoritarian, human rights abusing oil producers similar to Saudi Arabia or Iran.
Our evaluation finds a programme of vitality financial savings coupled with a fast electrification programme might reduce oil demand by 38.8 Mtoe by 2023, equal to 48% of Russian oil utilized in Europe’s transport (or 12% of whole EU transport demand). There could be a brief must safe the remaining 52% from different suppliers. By 2030 EU oil demand might be totally 35% decrease than in 2019, totally changing Russia’s market share.
A deal with vitality financial savings and electrification would guarantee Europe’s close to time period vitality safety technique would align with the EU’s local weather commitments, however it might additionally assist decrease international oil costs.
Initially printed on Transport & Surroundings.
Featured picture from earlier T&E article, “The place Russian Oil Goes In Europe, T&E article.”
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