The EU and the US are committed to taking concrete steps together to ensure security of energy supply and reduce dependence on Russian fossil fuels, according to a joint statement by US President Joe Biden and Commission President Ursula von der Leyen.
In particular, the European Commission and the US announced the creation of a joint Task Force to address the EU's energy security needs and accelerate the green transition. The Task Force will be chaired by a representative from the White House and a representative of the President of the European Commission.
The United States will seek to secure, including working with international partners, additional volumes of liquefied natural gas (LNG) for the EU market of at least 15 bcm in 2022 with expected increases in the future.
«Through the Joint European Action for more affordable, secure and sustainable energy (REPowerEU), the EU has confirmed its objective to achieve independence from Russian fossil fuels well before the end of the decade, replacing them with stable, affordable, reliable and clean energy supplies for EU citizens and businesses,» the EU-US joint statement said.
It is also noted that the US and the EU are committed to meeting the goals of the Paris Agreement, achieving the net zero emissions target by 2050 and keeping the 1.5 degrees Celsius limit on temperature rise within reach, including through a rapid transition to clean energy, renewable energy and energy efficiency. «These policies and technologies will also contribute to the EU's independence from Russian fossil fuels. Natural gas remains an important part of the EU's energy system in the green transition, including by ensuring a reduction in carbon intensity over time,» it said.
In particular, the European Commission will work with EU Member State governments to accelerate their regulatory processes for reviewing and determining approvals for LNG import infrastructure, to include onshore facilities and associated pipelines to support imports using floating regasification plants and fixed LNG import terminals.
The European Commission will work with EU Member States and market players to pool demand, through a newly established EU Energy Platform, for additional volumes between April and October 2022. The European Commission will also support long-term contracting mechanisms and work with the US to encourage relevant contracting to support final investment decisions in LNG export and import infrastructure.
The European Commission will work with EU Member States to ensure stable demand for additional US LNG until at least 2030, around 50 bcm per year, with the understanding that the price formula for LNG supplies in the EU should reflect long-term market fundamentals, and stability of cooperation on the demand and supply side and that this growth is consistent with the common net zero emissions targets.
The EU is preparing an upgraded regulatory framework for energy security of supply and storage. This will enhance certainty and predictability regarding security of supply and storage needs and ensure closer cooperation within the EU and its neighbouring partner countries.
Finally, it is recalled that the Commission has proposed a regulation on energy storage to ensure that the existing storage infrastructure is filled up to 90% of its capacity by 1 November each year.
Ursula von der Leyen: Commitment to additional LNG supply to the EU this year is a big step towards reducing energy dependence on Russia
The reduction of energy dependence on Russia can be achieved inter alia through additional supplies of LNG deliveries, said Commission President Ursula von der Leyen in her joint statements with US President Joe Biden in Brussels.
«The US commitment to provide the EU with an additional 15 billion cubic metres of LNG this year is a big step in this direction. This will replace the LNG supply we are currently receiving from Russia,» said Ursula von der Leyen, adding that «Europe will work to ensure a stable demand for additional US LNG at least until 2030. We are aiming for around 50 billion cubic metres per year.».
Washington will supply Europe with more liquefied natural gas to help it reduce its dependence on gas supplies from Russia, Biden said
The US will supply more liquefied natural gas to the European Union to help it reduce its dependence on gas supplies from Russia, US President Joe Biden said today.
“Today we agreed on a common plan towards this goal, while accelerating our progress towards a secure clean energy future,” Biden said in a statement.
“This initiative focuses on two main issues, firstly to help Europe reduce its dependence on Russian gas as quickly as possible and secondly to reduce Europe's overall gas demand”, the US President also pointed out.
