The one thing that surprises me, is that for all the ESG "sturm and drang" the EU has done over the past 2 decades, like solar farms in Spain, wind farms in the North Sea and closing nuke plants in Germany, the amount of energy dependence has only increased about a 120 basis points in 20 years:
If all that ESG stuff actually worked, energy dependence would have decreased because fossil fuel use is down.Over this 20-year timeframe, the EU-27 average country’s energy dependence has increased from 56.3% to 57.5%, meaning EU members became slightly more reliant on energy imports over those two decades.
I didn't expect any of it to work, so I expected a larger need for fossil fuels because of shutting down nukes and replacing them with less reliable solar and wind. I guess it was all show and no dough, so not much impact.
Greta is not pleased:
https://www.youtube.com/watch?v=MguS7lLtWcI
Russia represents over a quarter of EU oil imports, over 40% of EU natural gas imports, and almost half of EU coal imports. Maybe time to go long on rubles.