ECB President warns of soaring energy costs, calls for reduction in dependence on fossil fuels

European Central Bank President Lagarde said that the soaring energy costs caused by the Iran war should serve as a warning for Europe to reduce its dependence on fossil fuels and energy imports. About 60% of Europe's energy is imported, and almost all of it is fossil fuels. Speaking at a climate conference in Frankfurt on Tuesday, Lagarde said that this situation is "clearly unsustainable." "The current surge in energy prices is a reminder of the cost of this dependence," she said. "Alternative energy provides the clearest path to balance energy security, sustainability, and affordability."