In her special address at the World Economic Forum, President von der Leyen emphasized the importance of Europe's energy independence from Russia. She mentioned that a year ago, Europe was heavily dependent on Russian fossil fuels, making it vulnerable to supply disruptions, price hikes, and Putin's market manipulation. However, in less than a year, Europe has managed to overcome this dangerous dependency. It has replaced about 80% of Russian pipeline gas, filled its storage, and reduced demand by more than 20% from August to November. Through collective effort, they succeeded in lowering natural gas prices faster than expected.
The President also mentioned that the transition to a net-zero economy is already underway and is having a major impact on industry, economy, and geopolitics. She emphasized that this process will change the nature of work and the shape of industry and that the next decades will see the greatest industrial transformation in history, with huge opportunities for those who will develop and produce the clean technologies needed for the future economy. These will include transportation, buildings, manufacturing, and energy and will be essential for achieving net-zero emissions.
Source: The European Commission