Since the start of the war in Ukraine two years ago, Europe has been confronted with an energy crisis that sent prices to record highs. Fuel imports from Russia, which the European nations had previously relied on, were dramatically reduced. At the same time, Europe vouched to diversify the energy mix furtherto drive the energy transition.
“Europe’s energy resilience over the past two years has been impressive, but the future remains uncertain,” says says Carl R. Tannenbaum, Chief Economist at Northern Trust. “Downward pressure on thermostat settings and upward pressure on trade relations may not subside for a while.”
According to the American financial services company, European leaders are eager to maintain momentum towards achieving their environmental objectives. Consequently, there has been a rapid increase in investments in alternative energy sources.
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