The Russian pipeline where everyone is talking over has

General Practitioner – View of the receiving station of the pipeline inspection meter, the Nord Stream 2 part of the landing area in Lubmin on The Baltic Sea coast of Germany.

JOHN MACDOUGALL | AFP | Getty Images

Lubmin, GERMANY – Secluded, quiet yet energetic: the coast area of Lubmin in north Germany hosts the world’s most controversial gas pipeline.

Nord Stream 2 stretches for 1,200 kilometers from Vyborg in Russia through the Baltic Sea to Lubmin in Germany, beyond Ukraine and Poland.

The gas pipeline is ready, but we have to wait regulatory approval before it can start providing the 55 billion cubic meters of natural gas to Europe every year.

It’s just a matter of time, according to Gustav Gressel, senior policy fellow at the European Council on Foreign Relations, a think tank, for the German energy regulators give their seal of approval.

The task is not so simple amid heightened geopolitical tensions.

Some European lawmakers strongly oppose the deal and are not doing so want regulators to approve it.

“We want break out of this [Russian energy] dependency,” Morten Petersen, a Danish lawmaker at the European Parliament, told CNBC’s “Street Signs Europe” on Friday.

What’s at stake?

Nord Stream 2 brings up various geopolitical aspects. On the one on the other hand, the US has always opposed the pipeline, saying it increases dependence on Europe on Russia. President Joe Bidengovernment has been criticized by lawmakers from both sides, but for not doing enough to stop the project.

The majority of natural gas enters Europe already comes from Russia. In 2020 this represented about 43% of the total gas input to the block, according to Eurostat.

Poland and Ukraine oppose the pipeline because they are concerned over energy security. For Kiev, it is feared that the pipeline lead to fewer natural gas flows via Ukrainian pipes and therefore less income for the ailing economy. critics also claim the pipeline is not compatible with European climate goals and will most likely strengthen the Russian president Vladimir Putineconomic and political influence over the region.

lawyers of Nord Stream 2 claims US opposition stems from its wish to sell more of its liquefied natural gas to Europe and therefore sees the deal with Russia as an obstacle to its commercial interests.

For Putin and many lawmakers in Germany, Nord Stream 2 is nothing more than a business agreement.

Speak met Hadley Gamble of CNBC on On Wednesday, the Russian president said: project was “purely commercial” and an efficient way supply natural gas to Europe.

Nord Stream 2 represents a shorter route to Europe than Ukrainian pipelines and are seen more modern, it is also cheaper in maintenance.

AN paper of the European Parliament said “treasures” of how much refurbishment [of Ukrainian pipelines] would cost range from $2.5 billion to $12 billion, while the account for total replacement, according to a 2017 KPMG study, could cost up to $17.8 billion.” Total Cost for According to the same newspaper, Nord Stream 2 is estimated to be worth about 9.5 billion euros ($11 billion).

Energy crisis

The debate over what to do with Nord Stream 2 even won more attention in in recent weeks, while energy prices in the whole of Europe is on the rise. Higher gas and electricity prices put pressure on households and would ultimately increase the economic recovery that has taken shape in last months.

Like a result, European leaders are under pressure to take measures to mitigate the impact.

Putin has said his country can deliver more gas on the block, provided they ask for it. He denied that the Kremlin using energy as a weapon against Europe amid reports that Russia is supplying gas to the region.

But the EU doesn’t know what to do. Growing gas imports from Russia may provide some short-termterm relief, but there are difficult questions over what to do in the medium and long term.

There are efforts in across the EU to achieve carbon neutrality in years to come and this begs the question of what kind? of energy mix European countries are after.

While some see natural gas, a fossil fuel, as a means of reduce Co2 emissions in the path towards carbon neutrality, others argue that energy independence is the most important aspect – hence nuclear power and renewables are the option.

Read More: World News

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