European Energy Policy and Strategy: Steps towards Sustainable Energy Consumption

Contemporary Business Issues

CONTEMPORARY BUSINESS ISSUES
Introduction
The study will discuss various aspects of energy sustainability measures taken by the European
Union. Due to the climate change and global warming, various countries across the globe are
taking measures to reduce the emission of greenhouse gases do not meet the upper limit of
increasing world temperature 2-degree centigrade by 2022 (Kanellakis et al. 2013). In that
context, the European Union has set various targets to meet by 2020. In that context, the study
will discuss the need for development of European Energy Policy and Strategy. It will also
identify various steps taken to develop the infrastructure and make investment to meet its
objectives. The various aspects of development of thematic areas and priority corridors will also
be discussed in this essay. In the end, the easy will be concluded by providing a brief summary.
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CONTEMPORARY BUSINESS ISSUES
Discussion
Discussion on the reason of need a European Energy Policy and Strategy
Europe has taken its short-term measure to develop European Energy Policy and Strategy to
make the country environmentally sustainable. The country has set target that by the end of
2020, it will reduce the greenhouse gas consumption by 20%, increase the share of renewable
energy in its energy mix by 20% and improve energy efficiency by 20% (Vanolo 2014). This
will facilitate the country to meet the energy consumption level at sustainable level. Since the
country does not have their own energy resources. It has to depend on Russia, Algeria, Norway
and many other countries. This causes the country to invest €350 billion each year. The
economic and commercial sector of the country is continuously growing (Beuse et al. 2018).
Thus, they act as the key consumers of considerate energy resources of the organization. Thus, to
support their energy consumption needs, the country is required to control its present energy
consumption process to support the need of its people for long-term perspectives. Apart from
that, the rising political tension among Russia, USA and European Countries such as UK, it is
required to take necessary measures to develop its own energy consumption policy and strategy
to develop its own energy reserves and sustainable consumption strategy (Nejat et al. 2015).
However, the European Energy Policy and Strategy is not focused on developing its own energy
production facility. Thus, in long-term perspective, it will cause the country to face it
challeng8ing to meet its long-term goal of energy consumption by the end of 2050 (Copiello,
2015). Since, as the non-renewable energy in the world is continuously depleting. This is the key
reason for which major countries are developing conflict with each other. However, Europe has
been successful to achieve 22% reduction in greenhouse gas emission by 2015 from the year
1990. It is expected that the continent will be able to meet its target of reducing greenhouse gas
emission by 20% by the end of 2020 (Maricic et al. 2018). However, in 2015, the share of
renewable energy in comprehensive energy consumption was recorded as 16.4%. This shows
that the countries operating under EU required following effective guidance and supervision to
meet its target effectively by the end of 2020. Since EU operates large number of countries,
without the presence of an integrated environmental management policy, Europe will not be able
to make its target for 2020 and 2050 considerably feasible (Pollitt and Mercure 2018).
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CONTEMPORARY BUSINESS ISSUES
Apart from that, amid the critical aspects of global warming and climate change, if the continent
fails to set an example to meet the agenda set in Paris Conference for Environmental Protection,
the country will not be able to sustain its competitiveness. In that context, Europe is required to
develop an effective measure for all the members of the nation to follow environmental norms
effectively (Polzin et al. 2015). This develops the need for European Energy Policy and Strategy
for all the member countries of European Union. This way it will help to ensure high degree of
sustainability for meeting its environmental objectives.
It has been identified that, in the year 2018, the key likelihood of the global events are extreme
weather events, natural disaster and failure of climate change migration and adaptation.
However, the cyber attack and data fraud and theft will also play key roles. In this context, the
energy mix of the Europe consists of 35% oil, 24% gas, 17% coal and other solid fuels, 14%
nuclear and 10% renewable. This way the majority share of the energy mix of the country results
in green house gas emission and environmental hazards. Thus, it is highly required that the
European Union takes necessary strategies to develop optimum energy mix.
Figure 1: EU Energy Mix
Source: (Beuse et al. 2018)
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