Word of the month: Dependency

90 billion euros. That is the staggering sum Austria has spent on net imports of oil, gas, and coal since 2017. Much of this money flows into politically unstable or undemocratic regions.

Through its high demand for fossil fuels, Europe has effectively co-financed the rapid development of Dubai and other Gulf states. Current escalations between the U.S., Israel, and Iran demonstrate once again that reducing this dependency is not just an environmental goal, but a geopolitical imperative.

The solution lies in the rapid and consistent expansion of renewable energy and storage capacity. The argument for this shift is as much macroeconomic as it is climate-economic: while an average of 96 cents of every euro spent on operating renewable energy stays within the domestic economy, that figure drops to just 55 cents for fossil fuels. Therefore, the transformation toward a decarbonized economic system is one of the most vital levers for long-term national prosperity.

Strategic focus should also be placed on accelerating the transition in mobility and heating to reduce oil and gas consumption. The expansion of renewables and electrification must not be viewed as a fiscal burden, but rather as an investment program in Austria’s independence and future viability—even in times of budgetary constraints.

Christian Kimmich
IHS Researcher
Social Sustainable Transformation

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