Pact on synergy
the recent dispute between Ukraine and Russia that disrupted the supply of gas to Europe has spurred a new initiative in the European Commission. The commission has proposed a common European Union energy policy and has asked the European Union (eu) to diversify its energy supplies and consider stockpiling gas for times of crisis.
The policy aims to address apprehensions about import dependence, climate change and high oil prices. The green paper also calls for a renewed energy pact with Russia, which supplies 25 per cent of the eu's gas demand. President of the commission, Jose Manuel Barroso, said around us $1.2 trillion must be invested in Europe over the next 20 years to meet the demand infrastructure. Dependence on imports in the bloc is forecast to rise up to 70 per cent in the next two to three decades from the existing 50 per cent.
With limited authority of energy, the commission is thus looking to spur solidarity among the eu states, especially when energy supplies are interrupted to one or more member states. Barroso thus advocated that individual national governments should not seek to protect companies from takeovers on the ground of nationality.