Undersupply sharpened ingenuity

The EU accounts for 8% of global fossil fuel demand, but only 0.5% per cent of global oil production and 1% of global gas production. A major cost of this dependence is that energy-producing countries can use their exports to pressure or even threaten importers, creating geopolitical tension. Another huge consequence is climate change. The quest for greener and cheaper solutions is further exacerbating global rivalries.