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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. The pandemic has created disruption in the global energy sector, but low gas prices will ultimately stimulate demand growth as the economy recovers.
So far, the policy focus has been on empowering the early winners of an unfolding renewable-energy race. 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. —Goldthau et al. Business as usual.
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.
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.
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