Climate policy eases pressure on EU defence spending by lowering Russian oil revenues – research report

Europe could reduce its spending on security and defence by cutting its reliance on fossil fuels – thereby starving Russia of funds from oil exports which are critical to financing Vladimir Putin’s war machine, the Institute for the World Economy (IfW Kiel) said in a policy brief. Ambitious EU climate policies which reduce demand for oil and natural gas would allow countries to curb defence spending without losing geopolitical strength relative to Russia, which would see fossil fuel revenues plummet, IfW Kiel said.