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Following the 2022 energy crisis, this paper investigates whether Europe’s ongoing efforts to cut greenhouse gas emissions can also enhance its energy security. The global computational general equilibrium model analysis finds that individual policy tools, including carbon pricing, energy efficiency standards, and accelerated permitting procedures for renewables, tend to improve energy security. Compared to carbon pricing, sector-specific regulations deliver larger energy security gains and spread those more evenly across countries, benefitting also some fossil-fuel-intensive economies in Central and Eastern Europe. This finding strengthens the case for a broad climate policy package, which can both achieve Europe’s emissions-reduction goals and deliver sizeable energy security co-benefits. An illustrative package, which would cut emissions in the EU, UK, and EFTA by 55 percent with respect to 1990 levels by 2030, is estimated to improve the two energy security metrics used in this paper by close to 8 percent already by 2030. Beyond the policies analyzed in the model, the paper also discusses the technology, market design, and supply chain reforms that Europe needs for an energy-secure green transition.

Climate change --- Climate policy --- Climate --- Climatic changes --- Economics --- Economywide Country Studies: Europe --- Emissions trading --- Energy --- Environment --- Environmental Economics --- Environmental economics --- Environmental Economics: Government Policy --- Environmental management --- Environmental policy & protocols --- Environmental Policy --- Environmental policy --- Exports and Imports --- Global Warming --- Imports --- International agencies --- International Agreements and Observance --- International Economics --- International economics --- International institutions --- International organization --- International Organizations --- International trade --- Natural Disasters and Their Management --- Natural Resources --- Natural resources --- Non-renewable resources --- Nonrenewable Resources and Conservation: General --- Political Economy --- Political economy --- Public Policy --- Trade: General