European countries on Tuesday united behind a four-pronged strategy for the future that is designed to free their energy grids from Russia’s grip, ending a dependency on Moscow that has been a handicap in responding to the invasion of Ukraine.
Hours after agreeing a partial ban on Russian fossil fuel imports, the European Union adopted a plan to plug the gap by shopping elsewhere, producing more renewable energy, saving power and improving connections between energy-rich and import-reliant nations.
Ursula von der Leyen, the president of the European Commission, said she hoped to put some 300 billion euros ($321bn) of EU funding behind a blanket energy revamp stretching from Finland to Portugal.
In the short term, the EU’s 27 members will be encouraged to sign joint gas contracts — in a manner compared by officials to their common purchases of coronavirus vaccines.
But renewable energy “has the big advantage that it is not only good for the climate, but it is also good for our independence and good for our security of supply, and it creates jobs at home,” Ms von der Leyen said.
The outline strategy was agreed at the end of a two-day summit in Brussels dedicated to the war in Ukraine. Leaders also discussed food shortages arising from the conflict and the future of the European defence industry.
The summit’s main result, the embargo on Russian oil imports by sea, had languished in diplomatic stalemate for weeks because of the concerns of countries reliant on Russian fuel — especially Hungary.
Several leaders signalled on Tuesday that the EU would be reluctant to go charging back into that process to sanction gas, despite Ukraine’s demands, exposing the limits of what Europe can do given its close fuel links to Russia.
“We don’t want this fuel to be replaced by other fossil products,” Swedish Prime Minister Magdalena Andersson said after leaders finished haggling over a text on energy.
“Instead, we should increase the use of renewable solutions.”
Part one: Finding new oil and gas suppliers
The 11-page European Council conclusions said countries should, “as a short-term priority”, find oil and gas from suppliers other than a newly hostile Russia.
Russian gas exporter Gazprom is already blocking supplies to Poland, Bulgaria, Finland, the Netherlands and potentially Denmark, and Germany is among the countries preparing for potential power cuts.
Leaders said member states should move faster to fill their gas storage tanks before next winter and encouraged them to sign up to a joint purchasing platform also open to non-EU members including Ukraine.
The EU in March signed a deal with the US to import liquefied natural gas, and the bloc’s LNG imports from outside Russia are already double where they were at the start of 2021, Ms von der Leyen said.
Part two: Producing renewable energy at home
The war in Ukraine has given new momentum to renewable energy policies originally drawn up to reduce carbon emissions and tackle climate change.
Ms von der Leyen said renewables were the “most important pillar” of the wider energy revamp known as RePower EU, which calls for policies such as a doubling of solar panel capacity by 2025.
EU leaders said an expansion of renewable energy sources such as wind and solar would require immediate changes to planning laws so that new projects can quickly be approved.
They said a European renewables industry should be “underpinned by an industrial cluster” to develop the skills and supply chains for solar and wind, hydrogen, heat pumps and other technology.
Part three: Saving power
The European Commission says a third of the gas savings it hopes to make by 2030 could be achieved by not wasting energy.
“To save energy is of course a fundamental priority for all of us,” said European Council President Charles Michel.
The leaders’ recommendations were light on specifics but called on countries to “improve energy efficiency wherever possible”. The commission has proposed incentives such as tax cuts on energy-efficient heaters.
Countries have already begun taking measures to head off a potential energy crunch. Spain this month set a limit on the use of air conditioning in offices, while Germany has turned down the temperature in public swimming pools.
Part four: Sharing energy
The vision of EU leaders is “completing and improving the interconnection of European gas and electricity networks” so that nations rich with energy can help out their neighbours.
These should include both gas pipelines and electricity networks that could eventually be used to transmit hydrogen, the council said. Hydrogen is viewed with interest by sectors such as transport and heavy industry that cannot easily be electrified.
Spain and Portugal, which are relatively cut off from the European power grid in what officials have called an “energy island”, won an expression of interest from the EU in buying from their LNG and renewable-heavy networks.
New connections should include “taking advantage of the Iberian Peninsula’s potential to contribute to the security of supply,” the leaders said — without addressing Spain’s demand that they stump up some of the money.
Women%E2%80%99s%20Asia%20Cup
%3Cp%3ESylhet%2C%20Bangladesh%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20results%3C%2Fstrong%3E%3Cbr%3ELost%20to%20Sri%20Lanka%20by%2011%20runs%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3ETue%20Oct%204%2C%20v%20India%3Cbr%3EWed%20Oct%205%2C%20v%20Malaysia%3Cbr%3EFri%20Oct%207%2C%20v%20Thailand%3Cbr%3ESun%20Oct%209%2C%20v%20Pakistan%3Cbr%3ETue%20Oct%2011%2C%20v%20Bangladesh%3C%2Fp%3E%0A
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
RACE CARD
6.30pm: Handicap (Turf) US$175,000 1,000m
7.05pm: Al Bastakiya Trial Conditions (Dirt) $100,000 1,900m
7.40pm: Al Rashidiya Group 2 (T) $250,000 1,800m
8.15pm: Handicap (D) $135,000 2,000m
8.50pm: Al Fahidi Fort Group 2 (T) $250,000 1,400m
9.25pm: Handicap (T) $135,000 2,410m.
TV (UAE time);
OSN Sports: from 10am
UAE%20PREMIERSHIP
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Sweet%20Tooth
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Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
RESULTS
1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
The Lowdown
Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5