While the West is focused on decreasing dependence on Russian oil and natural gas for obvious geopolitical reasons it also has the opportunity to go greener, and reduce carbon emissions. Jeffrey FrankelProfessor at Harvards Belfer Center, and former member of White Houses Council of Economic Advisers.
- Frankel stated that he supports ending fossil fuel subsidies due to environmental harm and ineffectiveness in punishing Russia.
- He acknowledged that he can understand the political appeal for a gas tax holiday, but stated that it is bad economics.
- Frankel stated that he believes that the Biden administration has done an excellent job on energy policy in relation Russia.
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Protesters gather outside the Chancellery to demand an embargo on all energy imports from Russia, May 4, 2022 in Berlin. (Photo by Omer Meiser/Getty Images). |
Steam rises from the cooling towers of a Germany-based coal-fired powerplant in Niederaussem. Frankel says the West’s focus on reducing dependence on Russian oil and gas creates an opportunity to further environmental and climate goals. (Photo by Andreas Rentz/Getty Images). |
