Brussels – According to the director of the International Energy Agency, the current energy price crisis “is more severe than the oil shocks of the 1970s and the crisis triggered by the war in Ukraine combined,” wrote Socialist MEP Mihai Tudose in a parliamentary question addressed to the European Commission. An emergency that has not only affected the supply of energy resources, but also “the main production capacities in the Gulf region, which have been destroyed.” Ahead of the implementation of the new emission trading system (ETS2), which will cover CO2 emissions from the combustion of fuels in buildings, road transport, and small-scale industry, Tudose asked the EU executive what its intentions were for addressing the situation.
In his reply, European Commissioner Wopke Hoekstra emphasised that “ETS2 contributes to the reduction of the EU’s exposure to global energy shocks,” as it reduces “Europe’s vulnerability to fossil fuel import volatility.” Hoekstra also noted that the system already provided for the possibility of postponing its entry into force by one year, to 2028, in the event of exceptionally high gas or oil prices in 2026. The European co-legislators, he explained, “recently already agreed to adjust the start to 2028 as part of the amendment to the EU Climate Law.”
To make decarbonisation accessible to everyone, the Commission has put in place a number of measures to support the transition. “The Commission also proposed targeted changes to the Market Stability Reserve for earlier and stronger intervention to ensure stable and affordable prices,” the Commissioner added.
In addition, there is the Social Climate Fund, which will mobilise 86.7 billion euros to support clean heating for buildings and road transport for the most vulnerable households, with a particular focus on low-income Member States. Furthermore, all national revenues from ETS2 must be allocated to supporting the energy transition. The Commission is also encouraging the frontloading of investments through a 3 billion euro instrument under the European Investment Bank.
The European Commission’s objective of accelerating decarbonisation and reducing dependence on fossil fuels, therefore, remains central to Brussels’ agenda. “The current geopolitical instability underlines the relevance of this objective,” Hoekstra said. “Fossil fuel imports cost EU taxpayers nearly EUR 30 billion monthly on average in 2025. In 44 days of the Iran conflict, gas and oil price spikes added EUR 22 billion.”
English version by the Translation Service of Withub
