Oil & Gas

EU chief advocates end to new oil & gas drilling

European Union (EU) Climate Action Commissioner, Wopke Hoekstra has backed an end to new new fossil fuel drilling to create way for “affordable, reliable(and) homegrown clean energy.” Hoekstra spoke amid the war in the Middle East which has spiked the prices of oil and gas demand. 

Speaking at an international conference last week in Santa Marta, Colombia, centred on quitting oil, gas and coal for good, the EU climate chief said noted that sciencedriven, measurable steps should be identified to support the transition from fossil fuels. “Science matters in climate change. 

And transitioning away from fossil fuels is a very tangible way to follow science,” he said. The First International Conference on Transitioning Away from Fossil Fuels, gathering 60 countries, including some major oil producers, focused on measures to reduce global demand for fossil fuel, which has surged in the wake of the US-led war against Iran and the closure of the Strait of Hormuz, a vital trade passage. 

However, the EU insists that the long-term goal of clean power is more necessary than ever. As EU ministers scramble to secure supplies amid soaring energy prices, some countries are considering tapping their fossil fuel reserves for a rescue. 

Even before the recent market disruptions, Greece issued its first offshore oil and gas exploration licence in over four decades, with Italy also considering reviving offshore oil and gas exploration, which was suspended in 2019. 

Rome and Berlin have also suggested a temporary return to coal to remedy soaring electricity prices. However, Hoekstra said the clean energy transition remained the best long-term response. “We need to reduce our fossil fuel dependence for our energy security. 

We cannot be at the mercy of regimes holding up our resources,” he said. “As long as we rely on fossil fuels, we are vulnerable to volatility and external pressure. What is the answer? To double down on affordable, reliable, homegrown clean energy. 

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