Why Nord Stream 2 is actually a good deal for Europe 2021-03-08 Alex Barnes
The last year has been a remarkable time in the European natural gas industry thanks to the adverse impact of COVID-19 on the economy, and hence on demand for energy. However, as the economy has started to recover, demand for energy and natural gas has increased. At the same time attention is increasingly focussed on the need for Europe to decarbonise its economy, and move away from using fossil fuels in a way which emits greenhouse gases into the atmosphere. The European Union has committed itself to a 55% reduction in greenhouse gas emissions by 2030, and net zero by 2050. So how does Nord Stream 2, a new natural gas import pipeline fit into this? In the short and medium term, it will ensure that Europe has access to sufficient competitively priced natural gas to meet its ongoing needs, in a way that minimises greenhouse gas emissions. In the longer term it can help play a part in the new hydrogen econ
Global benchmark Brent futures slid 1.6% on Monday after earlier surging above $71 a barrel. The Bloomberg Dollar Spot Index rose as much as 0.5% on Monday, reducing the appeal of commodities priced in the currency.
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