ECB President Lagarde calls for reduced EU dependence on energy imports

A sharp rise in oil and gas prices triggered by the war in Iran should serve as a warning for Europe to reduce its dependence on imported energy, Christine Lagarde, European Central Bank President, has stated.

At an environmental conference in Frankfurt, she said European countries currently meet around 60% of their energy needs through imports, calling the situation “clearly unsustainable,” Caliber.Az reports, citing Russian media.

Lagarde made it clear that the current rise in energy prices is a reminder of the cost of dependency.

“Alternative energy sources offer the best opportunities to achieve the goals of energy security, environmental sustainability and affordability,” she added.

Given the scale of climate and environmental risks, she noted that “responses from governments and society have been insufficient.”

By Bakhtiyar Abbasov