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The 2021 Energy Crisis In The Eu And Its Implications On Climate Change Mitigation

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  • Paul CALANTER
  • Daniela ZISU

Abstract

In 2021, a combination of interconnected factors created great disturbances on the global energy market. This article aims to analyse the causes of this energy crisis and its impact on the EuropeanUnion countries while examining the implications on the EU climate change mitigation policies. Also, the paper will present several measures for reforming the European Union's energy policies, which in the future will have to be directed towards designing mechanisms that will firstly withstand market fluctuations and, secondly, test the transition process to energy from renewable sources. Looking back, it seems that the European Union economy would have been better prepared to deal with this crisis if the EU authorities had carried out analyses and certain resilience exercises that could have anticipated such a crisis. With regard to the fight against climate change, our research shows that with rising fossil fuel costs, the price of conventional energy is volatile, and in view of this, renewable energy can be a much more stable-priced form of energy.

Suggested Citation

  • Paul CALANTER & Daniela ZISU, 2022. "The 2021 Energy Crisis In The Eu And Its Implications On Climate Change Mitigation," Euroinfo, Institute for World Economy, Romanian Academy, vol. 6(1), pages 55-67, March.
    • Handle: RePEc:iem:eurinf:v:6:y:2022:i:1:p:55-67
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    File URL: https://www.iem.ro/rem/index.php/euroinfo/article/view/827/910
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    More about this item

    Keywords

    energy crisis; EU; climate change; fossil fuels;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting

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