EU countries urgently called for the gradual abolition of huge energy subsidies

The European Commission has set out plans to renew its "Stability and Growth Pact" and urged member states to begin phasing out energy subsidies in response, the Financial Times reports. The document explains that the pact governing budget deficits and debt ratios has been suspended in response to the coronavirus pandemic, and member states have used that flexibility to "provide support to people and businesses struggling to pay their bills" in the wake of Russia's invasion of Ukraine and the global energy crisis. "However, the Commission said the measures should now be lifted as there is a need to reduce the cost of energy decline and deficits," the document said.

Reuters agency meanwhile, reports: "Germany plans to give its industry a double-digit billion-euro boost to convert conventional industrial plants into climate-friendly operations, the economy ministry said Thursday." Next article of the Reuters agency says: "France looks at tax incentives for investment in green industry - Minister."

Comment for Financial Times by Sergey Vakulenko, senior fellow at the Carnegie Endowment for International Peace, begins: “Russia's war against Ukraine has many fronts, not the least of which is energy. And as with the Kremlin's plans for a quick victory in Ukraine, both sides of the energy conflict have seen their dreams of a quick triumph collapse amid crushing and trench warfare.”

Andy Bounds, Financial Times, "Carbon Brief"