Europe's Fossil-Fuel Problem Has an Electric Solution

Europe’s dependence on imported oil and gas is contributing to high living costs and leaving its economy exposed to wars and volatile fuel prices. The proposed alternative is to electrify transport, buildings and industry, using power increasingly generated from domestic renewables. Electric cars travel about three times as far as gasoline cars on the same energy, while heat pumps deliver roughly four times the heat of gas boilers, so electrification could cut global energy use substantially without reducing the services people receive. The transition requires major upfront spending: the EU estimates it needs €584 billion for grid investment by 2030. But if electricity’s share of EU energy use doubles by 2040, the bloc could avoid up to €260 billion in fossil-fuel imports annually. Cars and home heating are relatively ready to switch; industrial processes pose greater technical and cost challenges, especially at very high temperatures.

Energy affordability is also shaping US politics. Georgia voters will choose two members of the state public service commission, which regulates investor-owned utilities, approves grid spending and determines how much those costs can add to customer bills. A possible Democratic majority would end two decades of Republican control as the commission weighs more than $54 billion in proposed Georgia Power investments. Separately, countries at a UN biodiversity summit in Armenia acknowledged that progress toward 2030 nature-protection targets is inadequate and pledged to accelerate action. Observers welcomed the commitment but warned that a lack of financing could impede results; investors say clear policies and viable opportunities are needed to direct more money toward nature.