Politics
Oil Slump Spurs Talk of Ending EU Subsidies for Polluting Fuels
- EU Energy Commissioner Kadri Simson discusses green transition
- Energy industry will have a key role in economic recovery plan
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The collapse in oil prices is opening an opportunity for Europe to remove subsidies to fossil fuels and accelerate an unprecedented transition to a net-zero-emissions economy.
The European Union wants to put the Green Deal to become climate-neutral by 2050 at the heart of the plan to recover from the coronavirus pandemic, according to Energy Commissioner Kadri Simson. While record low oil prices may at first glance make the environmental shift more difficult, they also underscore a risk for future investments in fossil fuels, she told Bloomberg News.