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Europe is home to some of the world’s largest energy consumers, and its energy demand haslong exceeded production capacity. Despite aiming to become the first carbon -neutral continent by 2050 via renewables uptake and energy efficiency improvements, it still relies heavily on imported fossil fuels as primary energy sources. Europe's import dependency rate is as high as 60%, and enabled through a complex network of pipelines. Malta, Cyprus, and the Netherlands are the countries with the highest share of fossil fuels, while Germany and Italy are the largest European importers of Russian gas. Following the invasion of Ukraine, Europe faces the twin challenges of accelerating its energy transition while achieving energy security and affordable energy prices. (See IEEFA's European LNG Tracker for more.)

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