Former Italian Prime Minister Mario Draghi and IEA Executive Director discuss energy and Europe's competitiveness
An event at IEA headquarters involving Ambassadors and business leaders, Professor Draghi emphasises close relationship between policies affecting energy, climate, industries and economic growth
The IEA hosted former Italian Prime Minister Mario Draghi at its headquarters in Paris today for an open discussion with Ambassadors, business leaders and other key figures on Europe’s energy challenges and the implications for its competitiveness.
The conversation between Professor Draghi and IEA Executive Director Fatih Birol, who both shared their views and took questions from participants, explored how Europe can bring down its high energy costs and use its decarbonisation ambitions to support stronger economic growth. It followed the publication last month of Professor Draghi’s highly anticipated report on EU competitiveness, which European Commission President Ursula von der Leyen requested to inform the bloc’s future strategy.
During the discussion today, which was led by Ambassador of France Amélie de Montchalin, Professor Draghi noted that the IEA’s guidance was crucial to the report’s development and often cited IEA analysis. He spoke about how Europe can reduce its reliance on imported fossil fuels with volatile prices.
Highlighting the influence of the European Union’s single market, Professor Draghi noted that the region’s transition to clean energy could boost Europe’s energy security and economic growth potential with strong policies to address remaining roadblocks, such as the need to ensure the secure integration of renewables into electricity grids and to diversify clean energy supply chains.
Dr Birol emphasised how Europe can now boost its industrial competitiveness and the affordability of energy by speeding up the electrification of its energy sector, while noting the need for Europe to harmonise its approach to energy, industry and trade and to enhance its cooperation with allies to support the development and adoption of clean energy technologies.
The IEA has been working to support Europe as it looks to lower energy costs, including by expanding clean energy sources, and take advantage of the energy industries of the future, which are set to play a growing role in the global economy. Additional details can be found in the joint opinion article from earlier this year that Dr Birol co-authored with President von der Leyen.