IEA: Warns About Russia Cutting Off All Gas Supply to Europe

The president of the International Energy Agency (IEA) has warned that Russia might completely cut off gas supplies to Europe as a means of increasing its political power in the Ukraine issue.

“I wouldn’t rule out Russia continuing to find different issues here and there and continuing to find excuses to further reduce gas deliveries to Europe – and maybe even cut it off completely,” said Fatih Birol, IEA Executive Director in a statement.

The European Union has put restrictions on Russian oil and coal, but it hasn’t stopped gas imports yet because of its dependency on gas from Moscow.

In a report, the International Energy Agency (IEA) said that $2.4 trillion would be spent on energy investments in 2022, such as record spending on renewables. But it said that wasn’t enough to fix a supply shortage or stop climate change.

With a rise of 8% from last year, with the pandemic at its highest, the investment includes significant increases in the electrical industry and attempts to improve energy efficiency.

“Today’s oil and gas spending is caught between two visions of the future: it is too high for a pathway aligned with limiting global warming to 1.5 degrees C – but not enough to satisfy rising demand in a scenario where governments stick with today’s policy settings and fail to deliver on their climate pledges,” said the IEA.

Original source material for this article taken from here