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However, the resulting low gas prices, as well as clean air and climate policies, will promote further switching to gas from other more polluting energy sources, such as oil and coal. Clean hydrogen could abate up to 37% of energy-related greenhouse gas emissions, according to BNEF estimates.
For example, rich countries such as Germany can throw billions of dollars at their coal sector to ease their transition pain, offering generous financial aid to lignite-producing regions. Nigeria or Algeria cannot do the same for their oil industry. The world fractures into two camps in a clean-tech cold war.
Today, we launch the most ambitious European energy project since the Coal and Steel Community. Further, the Commission will work with Member States to develop access to alternative suppliers, including from the Southern Gas Corridor route, the Mediterranean and Algeria, in order to decrease existing dependencies on individual suppliers.
As Sheikh Zaki Yamani, a former Saudi oil minister, once said, “The stone age came to an end not for a lack of stones, and the oil age will end, but not for a lack of oil.” But some oil will still be being pumped at the end, and it won't be heavy, sour, far from water crude.
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