Europe’s green ambitions could be hit as gas prices reach record highs

Spain, for instance, has announced emergency measures to limit the profits that energy companies can make from gas alternatives.A woman on the bicycle rides pass the power station in Neurath, Germany.LONDON — The European Union could struggle to advance its green agenda as gas prices soar across the bloc, according to experts who warn against slowing down investment into the sector.

The recent spike is already having a tangible impact. Spain, for instance, has announced emergency measures to limit the profits that energy companies can make from gas alternatives, including renewables. The government is also hoping to cap what consumers are paying for their electricity. , a Spanish energy firm with a focus on renewables, said the move "would undermine investor confidence in the country" at a time when the nation needs private money to achieve its climate ambitions.EU Climate Chief

Meanwhile, Jacob Kirkegaard, senior fellow at the German Marshall Fund of the United States think tank, said he is not overly worried at this point, but that the ongoing energy crisis "makes it even more important that the Spanish government finds other sources of financing." When asked if comments like these could hurt the EU's green ambitions, Kirkegaard said: "There's absolutely that risk because clearly the Polish government want to extract more money from the EU for the green transition."

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