The reasons for the gas crisis in the European Union, which began in 2021, were the instability of renewable energy, the redirection of LNG to the premium Asian market, anti-Russian sanctions, and a decrease in gas imports from Russia. Despite the measures taken by the EU authorities (energy conservation, diversification of gas supplies and energy sources, financial support for the householders and businesses), the gas crisis will worsen in 2023. The gas crisis, superimposed on the mistakes of the monetary policy of the European authorities, accelerates inflation, intensifying structural imbalances in the EU economy and bringing recession closer. The symptoms of a recession can already be observed with the help of key indicators, which include indexes of industrial production and Manufacturing PMI, trade balance, inflation, unemployment rate, retail sales and GDP. The economic downturn in the European Union will negatively affect the dynamics of production in the largest trading partners (China, the US and the UK) and may trigger a recession in the global economy.
International organizations representing the interests of energy-deficient developed countries are urging to solve the problem of global warming through the Energy Transition, which implies decarbonization of the world economy. The implementation of the Energy Transition requires annual investments of 3% of world GDP in energy efficiency, renewable energy, electric vehicles, etc. In 2020, despite the acceleration of dynamics, the volume of world investments was more than 5 times lower than required. The leaders in investments in clean energy are the technologically developed countries of Europe, the USA, Japan, as well as developing countries – China and Brazil, striving for technological independence. In order to expand its presence in the promising market for low carbon technologies, the EU pays special attention to innovations in the field of clean energy, financing them through the Innovation Fund. To prevent Russia’s technological backwardness and reduce the carbon footprint of export products, it is advisable to envisage the possibility of state support for innovative projects in the field of clean energy from the Climate Fund.
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