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New EU Targets Move Towards Energy Security

By Sam Hopkins

A cold man is an angry man.

Same goes for countries. European leaders are pushing hard for a thaw in Russia and Ukraine's perennial gas dispute. Clean energy is the best bet for preventing a repeat.

Russia's natural gas export monopoly Gazprom and neighboring Ukraine's fuel transport company Naftogaz are volleying blame for what EU energy heads call a "severe disruption." 40% of Europe's gas comes through Ukraine, and that supply has slowed to a trickle due to the stalemate.

It's a pricing dispute at its essence, with Russia pushing for settlement of debts on its terms and accusing Ukraine of siphoning gas destined for EU member states.

But this is also a prime example of the unacceptable stranglehold fossil fuel still has on Europe. That could change soon.

As 2008 drew to a close, the EU announced its "20/20/20" package. Under that plan, Europe advances towards the overarching goal of cutting CO2 emissions by 20% from 1990's levels. Renewable energy will also contribute an increased 20% of the total continental electricity mix for the EU. Both of those targets are legally binding and must be achieved by 2020.

Aside from kickstarting a new international energy economy -- one that has already produced European clean energy titans like Denmark's Vestas -- EU clean energy targets will enhance continental energy security.

So, the current tension between Russia and Ukraine is actually a boon to Europe's renewable energy momentum.

Republished with permission from Green Chip Stocks.

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