The Impact of the War on the Energy Market

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Europe was spending about 12% of its GDP compared to before the war, around two or three percent of its GDP on energy. And when you added a dollar across the countries in Europe, it came up to more than 800 billion euros of subsidies,. largely towards fossil fuel because that's just the structure of the energy market. The Europeans are dishing out 800 billion euros in one calendar year, largely for fossil fuels, largely to the companies and to households.

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