ECB’s Elderson Presses Green-Transition Pitch After Energy Surge

Surging energy costs due to the war in the Middle East are the latest reminder for Europe to urgently reduce its reliance on fossil fuels, one of the European Central Bank’s top officials wrote in an op-ed published by the Financial Times.

The continent’s energy dependence has become a critical vulnerability, according to Executive Board member Frank Elderson. Russia’s invasion of Ukraine in 2022 exposed its weakness, and the reaction of oil and gas prices to fighting in and around Iran has highlighted “how little this dependence has changed.”