This has sent energy prices soaring – a major driver of the global inflation surge. Energy price inflation came to 41.9 percent in October. [3] So, Europe is paying the price for its dependence on fossil fuels. 2 Fast-tracking Europe's energy transition Pragmatic solutions are now needed to get us through the next two winters.
In the short term, as governments are rushing to secure energy supplies, renewables alone cannot fill the energy gap. So we have to make a temporary return to gas and even coal. However, doubling down on fossil fuels from new suppliers will achieve neither climate targets nor energy security.