Hormuz's fuel bill to Europe is 127 billion euros

In her speech at the WinWin Summit held in Brussels, Von der Leyen evaluated Europe's priorities in the field of competitiveness, transition to clean energy and artificial intelligence.

Reminding that the devastating effects of climate change have been seen this year with drought, forest fires and floods, von der Leyen pointed out the importance of the transition to clean energy.

Drawing attention to the cost of dependence on imported fossil fuels, von der Leyen said, "Since the closure of the Strait of Hormuz, imported fossil fuels have brought an additional cost of 127 billion euros to Europe."

Emphasizing that oil and natural gas imports carry the risk of shock and crisis, von der Leyen explained that the transition to clean energy is important for Europe's competitiveness and independence, as well as for the climate.

Von der Leyen stated that Europe maintains its goal of becoming the first climate neutral continent by 2050 and that an important step has been taken in this direction with the agreement reached on the 2040 climate target.

Reminding that Europe has committed to reducing its emissions by 90 percent by 2040, von der Leyen stated that more than 1.2 trillion euros have been invested in sustainable activities across the EU since 2021.

Pointing out that these investments require long-term predictability, von der Leyen said that they will support clean industries by adhering to their targets.

Stating that the global clean technology market is growing by approximately 20 percent every year, von der Leyen emphasized that Europe should be a place where these technologies are not only used, but also developed and produced.

Von der Leyen said that since the EU Emissions Trading System (ETS) was implemented in 2005, emissions have decreased by approximately 50 percent in the sectors it covers and the economy has grown by 30 percent.

Stating that the system provides over 270 billion euros of income to be reinvested in innovation and clean technologies, von der Leyen stated that they aim to mobilize 100 billion euros of resources through the Industrial Decarbonization Bank, which they are working on to support the transformation of the industry.