European governments should not overreact to the painful shortages in fossil fuel markets. They reflect a perfect storm at the wrong time in the commodity cycle, not an inherent contradiction between decarbonization and energy security. Europe has the latter and should press ahead with the former.

But energy price spikes have revived concerns that Europe might be held to ransom by Russia, which supplies more than a third of its natural gas. Moscow—the argument goes—made a point about Europe’s dependence, and the folly of opposing its Nord Stream 2 project, by holding up supply instead of helping cool down the markets.

The crisis, therefore, should prompt Europe to unravel its gas relationship with Russia. Moscow emphasized the other side of the same coin, suggesting that Europe’s energy security interest called for a more accommodating foreign policy.

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