The European Union has spent more than $700 billion on shielding households and businesses from the worst of the energy crunch.
From the EU’s perspective, green subsidies are the only way to move the energy transition forward.The European Union is spending too much subsidizing fossil fuels. This appears to be the opinion of some of the largest industrialists in the bloc. But it’s not direct subsidies that these industrialists are talking about. It’s the energy aid governments doled out to households and businesses in response to the crisis. And this aid, according to business leaders, needs to change.
Now, corporate leaders appear to be calling for a further step in the same direction: reducing demand for fossil fuels. The eagerness with which these business leaders are calling for acceleration to net zero might appear to be a little odd. Businesses in the European Union have suffered soaring energy costs because of the crunch along with soaring carbon permit prices, which have affected their competitiveness, according to the business world itself.
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