BRUSSELS – The reliance on fossil fuels undermines national security and sovereignty, replacing it with submission and rising costs, warned Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), as the Green Growth Summit opened today in Brussels on March 16th.
Electricity and gas prices have surged since the start of the conflict involving Iran on February 28th, highlighting the vulnerability of nations still dependent on fuel imports from the Middle East. A significant portion of this price volatility stems from attacks by Iran against commercial vessels in the Strait of Hormuz, a 38-kilometer passage through which approximately one-fifth of global oil supplies transit.
Despite renewable energy sources surpassing fossil fuels for the first time last year, Stiell stated that Europe remains more dependent on fossil fuel imports than almost any other major economy. The COP29 UN Climate Conference, held in Baku, Azerbaijan in November 2024, agreed to triple finance to developing countries to protect lives and livelihoods, according to a UNFCCC statement.
“Renewables are a game changer,” Stiell continued. “They allow countries to shield themselves from global turbulence… Sunlight doesn’t depend on narrow, vulnerable maritime straits. Wind blows without massive naval escorts funded by the taxpayer.”
Today’s summit brings together European climate and environment ministers, businesses, investors, and other stakeholders to accelerate the transition to a sustainable, low-carbon economy. EU Energy Ministers are also convening in Brussels today.
Similar calls to redouble efforts on renewables were made following Russia’s invasion of Ukraine in 2022, which triggered an energy price spike. However, several European countries moved to secure new fossil fuel supplies, reopening coal plants and signing long-term LNG contracts with the United States and Gulf states, effectively locking in fossil fuel dependence for years to come.
“Some responses to the fossil fuel crisis – incredibly – advocate for doubling down on the very cause of the problem and slowing the transition to renewables, when they are clearly cheaper, safer, and faster to deploy. It’s frankly delusional,” Stiell asserted.
Fossil fuel majors are already accused of profiting from the conflict, with oil prices climbing to $100 a barrel. Prior to the conflict, Brent crude – the global benchmark for oil prices – traded between $60 and $70 a barrel.
On March 11th, dozens of countries – including most European nations – agreed to release 400 million barrels from their strategic reserves to address supply shortages and soaring prices. Despite this record volume, it represents only approximately four days of global consumption.
A report published last week by the independent advisory body, the Climate Change Committee (CCC), highlighted the economic benefits of the green transition. It concluded that achieving the UK’s net-zero target by 2050 would cost less than a single future shock to fossil fuel prices.
“What most voters are asking for, climate action delivers on a large scale,” Stiell argued. “Renewables and resilience lower bills and create far more jobs. Eliminating fossil fuel pollution cleans our air, improves health, and quality of life.”
Extreme weather events cost Europe at least €43 billion in economic losses during the last summer alone. Meanwhile, meeting the EU’s 2040 emissions reduction target is projected to boost the economy by 2%, despite criticism of “loopholes” in carbon credits, which experts say weaken its climate drive.
“A resigned dependence on fossil fuel imports will condemn Europe to perpetually lurching from crisis to crisis, with households and industries literally paying the price,” Stiell warned.
