Zero: The Climate Race cover image

How Europe ditched Russian fossil fuels with spectacular speed

Zero: The Climate Race

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The Cost of Responding to the Energy Crisis

The EU spent about $350 billion subsidizing fossil fuel consumption last year. Industrial gas use fell by 18% in 2022, higher than the 14% drop during first year of pandemic. Demand for residential gas fell by 15%. But coming back to your headline figure that this time year ago, Europe was sending as much as $1 billion a day to Russia. And that's now being reduced to a fraction of what it once was.

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