Georg Zachmann
Georg Zachmann is a Senior Fellow at Bruegel, where he has worked since 2009 on energy and climate policy. His work focuses on regional and distributional impacts of decarbonisation, the analysis and design of carbon, gas and electricity markets, and EU energy and climate policies. Previously, he worked at the German Ministry of Finance, the German Institute for Economic Research in Berlin, the energy think tank LARSEN in Paris, and the policy consultancy Berlin Economics.
Disclaimer of external interests
Featured work
Germany’s gas-price ‘defence shield’: problems and redeeming features
The €200 billion “defence shield” risks undermining European solidarity. This could be avoided by designing it well.
An assessment of Europe’s options for addressing the crisis in energy markets
Action to intervene in the gas and electricity wholesale markets is also being taken at European Union level, which is what we analyse in this paper.
Russian crude oil tracker
European natural gas imports
National policies to shield consumers from rising energy prices
A grand bargain to steer through the European Union’s energy crisis
The current crisis looks set to leave behind it a radically different system, but what that system will look like remains an open question
The grand energy bargain Europe needs to defeat Putin
Europe Needs a Grand Bargain on Energy
Why a “Go It Alone” Approach Will Leave Countries in the Cold This Winter
How it can be done
What would be the economic consequences of a complete halt to Russian gas imports?
A possible G7 price cap on Russian oil: issues at stake
A price cap on Russian oil might improve the current western sanctions regime, but effectiveness will depend on the west’s willingness
European Union demand reduction needs to cope with Russian gas cuts
Without Russian gas, the European Union would have to reduce demand by approximately 15%, with big differences between different parts of Europe
The role of competition in the transition to climate neutrality
The transition to climate neutrality requires the reallocation of production factors from polluting activities to non-polluting activities.
How to make the EU Energy Platform an effective emergency tool
The platform could become an effective emergency tool to safeguard Europe’s gas supply, but policymakers need to address challenges to make it work.
Bruegel electricity tracker of COVID-19 lockdown effects
Europe’s Russian oil embargo: significant but not yet
The ban on most Russian oil significantly scales up the EU response to aggression against Ukraine, but the bloc should stand ready for retaliation.
The EU needs transparent oil data and enhanced coordination
The EU lacks the coordination structure and transparent data necessary to most effectively navigate an embargo on Russian oil.
A tariff on imports of fossil fuel from Russia
A tariff on imports of Russian fossil fuels would allow Europe to hit Russia's energy sector without great suffering.
For Europe, an oil embargo is not the way to go
Even at this late hour, the European Union should consider taking a different path.
How to weaken Russian oil and gas strength
Letter published in Science.
A phase out of Russian oil may be less effective than a tariff at reducing Putin’s rents
A punitive tariff on all energy imports from Russia would be a better choice than a gradually phased-in embargo on selected fuels.
How a European Union tariff on Russian oil can be designed
The European Union should apply a tariff on imports of Russian oil; it can be accompanied by a quota for a gradual, conditional phase-out.
EU risks letting Putin’s gas divide-and-rule strategy win
The 2 May meeting of EU energy ministers should deliver strong and common EU action. Failing to do so would undermine Europe’s unity, energy security
Cutting Putin’s energy rent: ‘smart sanctioning’ Russian oil and gas
The most efficient way for Europe to sanction Russian energy would not be an embargo, but the introduction of an import tariff that can be used flexib
The European Union demand response to high natural gas prices
Even before Russia’s invasion of Ukraine, high natural gas prices triggered an estimated European Union demand cut of about 7%.
The impact of the war in Ukraine on food security
Global food production will be sufficient to feed the global population this year. But export bans, high prices and increasing transport cost might pr
Can Europe manage if Russian oil and coal are cut off?
A stop to Russian oil and coal supplies would push Europe into a short and painful adjustment period. But if managed well, disruptions would remain te
How to wean Europe off Russian gas as swiftly as possible
A trans-Atlantic pact between North America and Europe is essential if Europe is to free itself in the short term from its dependence on Russian energ
Preparing for the first winter without Russian gas
The European Union can manage without Russian gas next winter, but must be united in taking difficult decisions, accepting that in many cases it won’t
The Kremlin’s gas wars
How Europe can protect itself from Russian blackmail.
Greening Europe’s post-COVID-19 recovery
This Blueprint includes some of the Group’s most prominent voices on the different aspects of the multidimensional issue of green recovery.
Europe’s sustainable taxonomy is a sideshow
The EU taxonomy grossly simplifies a complex and dynamic world. It might help prevent green-washing but other tools are needed to guide green investme
Can Europe survive painlessly without Russian gas?
If Russian gas stops flowing, measures to replace supply won’t be enough. The European Union will need to curb demand, implying difficult and costly d
Decarbonisation of the energy system
Our analysis highlights that the current national energy and climate plans (NECPs) of EU countries are insufficient to achieve a cost-efficient pathwa
How serious is Europe’s natural gas storage shortfall?
Europe may not have enough natural gas in storage for the coming winter; close monitoring of the situation will be essential.
Rising energy prices: European Union countries’ views on medium-term policies
Alongside short-term measures to shield consumers from rising energy prices, EU countries have set out their positions on medium-term measures to prev
Decarbonisation of energy
Determining a robust mix of energy carriers for a carbon-neutral EU
Instruments of a strategic foreign economic policy
Study for the German Federal Foreign Office produced by Bruegel, the Kiel Institute for the World Economy and DIW Berlin.
A new economic geography of decarbonisation?
Energy transitions manifest themselves across space and time. While necessary targets for decarbonisation are apparent, the accompanying shifts in spa
The only quick-fix to Europe’s energy price crisis is saving energy
The only thing Europe can quickly do to prevent a potentially difficult winter is to actively promote energy conservation in both the residential and
Letter: The lesson Europe should learn from the gas crisis
Europe’s gas supply security could more effectively be safeguarded by ensuring that unused alternatives are maintained.
Winners and losers of energy and climate policy – How can the costs be redistributed?
Who should bear more and who less of the burden achieving climate policy goals?
Is Europe’s gas and electricity price surge a one-off?
Surging natural gas prices in Europe, driven by rising demand and tight supply, are pushing up electricity prices; to prevent volatility, governments
Making sure green household investment pays off
Policies are needed to support green fuel switching by households; support should be phased out as the carbon price rises.
‘Fit-for-55’ package: Squaring the circle
The European Union finds itself at the centre of a three-dimensional puzzle. Burdens need to be shared between 450 million citizens, 25 million busine
Commercialisation contracts: European support for low-carbon technology deployment
To cut the cost of decarbonisation significantly, the best solution would be to provide investors with a predictable carbon price that corresponds to
Four pillars to make or break the European Green Deal
The recipe for a successful European Green Deal is as simple as it is breath-taking: to intelligently promote deep decarbonisation by accompanying the
Europe’s Green Deal must reach beyond its borders
A European Climate and Sustainable Development Bank could become the external investment arm of the European Green Deal.
How to extend carbon pricing beyond the comfort zone
Rapid emission cuts need a carbon price for the whole economy. This must be introduced in careful stages.
Navigating through hydrogen
Policymakers must address the need to displace carbon-intensive hydrogen with low-carbon hydrogen, and incentivise the uptake of hydrogen as a means t
A whole-economy carbon price for Europe and how to get there
Putting carbon pricing at the centre of the EU climate policy architecture would provide major benefits. Obtaining these benefits requires a uniform,
Understanding the European Union’s regional potential in low-carbon technologies
This research identifies existing and potential specialisation in green technologies in European Union regions, and proposes an approach to identify p
Targeted horizontal industrial policy: green, regional and European
Creating the conditions for the most promising low-carbon sectors to grow is the most efficient way to enable decarbonisation. As sector potential is
Perspective of comprehensive and comprehensible multi-model energy and climate science in Europe
A comprehensive and comprehensible multi-model framework offers a real example of “collective” science diplomacy, as an instrument to further support
Learning for decarbonisation
This external publication, put together in the framework of the COP21 RIPPLES Consortium, makes the case that national decarbonisation strategies shou
Schaut in die Region!
Die deutsche Industriepolitik folgt bisher keiner klaren Strategie, sondern ist von Unternehmensinteressen getrieben. Das ist der falsche Weg.
Nord Stream 2 means gains for Germany but pain for Europe
The proposed Nord Stream 2 pipeline could destabilise European energy cooperation and offer Gazprom excessive influence in Central and Eastern Europe.
Review of EU-third country cooperation on policies falling within the ITRE domain in relation to Brexit
What is the possible future relationship between the EU and the UK in light of Brexit? The report provides a critical assessment of the implications o
The Impact of Brexit on the EU Energy System
What will be the impact of Brexit on the EU energy system? With or without the UK, the EU will be able to complete its market, to achieve its climate
LNG and Nord Stream 2 in the context of uncertain gas import demand from the EU
Georg Zachmann sees the development of import demand for natural gas in the EU as uncertain. In case of strongly increasing import demand, both Nord S
Redefining European Union green bonds: from greening projects to greening policies
European Union green bonds, as promised by European Commission president Ursula von der Leyen, might be better linked to the bloc's achievement of its
Ukraine: trade reorientation from Russia to the EU
Over the past five years conflict has led to a deterioration of Russo-Ukrainian economic relations while ties with the EU have been deepened. This shi
Greening the recovery by greening the fiscal consolidation
In the wake of COVID-19, some economic recovery policies will help green the economy – for example, energy renovation of buildings. But there are limi
Six years after Ukraine’s Euromaidan: reforms and challenges ahead
Since the Euromaidan protests (2013-2014), Ukraine has had two presidents and four governments. In a difficult environment of external aggression, the
Lessons learned from the electricity tracker
Since the beginning of the COVID-19 crisis, Bruegel’s new tool has gauged the impact of the crisis on economic activity by tracking changes in electri
Racing against COVID-19: a vaccines strategy for Europe
This Policy Contribution proposes a staged support scheme to tackle the COVID-19 vaccine challenge and a moon shot programme to meet the challenge of
Covid-19 crisis: electricity demand as a real-time indicator
Comparing average weekday hourly electricity demand for the last few weeks to the year before, we visualise the moment when the current crisis began t
A European carbon border tax: much pain, little gain
The European Commission should not make the implementation of a carbon border adjustment mechanism into a must-have element of its climate policy. The
The European Union-Russia-China energy triangle
Concern is growing in the European Union that a rapprochement between Russia and China could have negative implications for the EU.
How to make the European Green Deal work
Ursula von der Leyen has proposed a European Green Deal that would make Europe climate neutral by 2050. With this Policy Contribution, the authors pro
The European Union energy transition: key priorities for the next five years
The new members of the European Parliament and European Commission who start their mandates in 2019 should put in place major policy elements to unlea
Estimating the cost of capital for wind energy investments in Turkey
Wind power represents a key component of Turkey’s national energy strategy. Based on data collected on 138 installations in the country, this paper pr
Getting better all the time: The benefits of learning for decarbonisation
The technological development will dramatically impact decarbonisation cost. In this blog post, the author suggests that national decarbonisation stra
Europe needs a fresh approach to climate strategy
The EU needs a new approach to long-term climate strategy to ensure that EU climate policy is brought in line with the goals of Paris and takes into a
What the "gilets jaunes" movement tells us about environment and climate policies
Simone Tagliapietra and Georg Zachmann write on the climate governance lesson European governments should learn from the "gilets jaunes" experience.
The distributional effects of climate policies
The distributional consequences are likely to be a major driver of future climate policies. Policymakers will not accept forceful decarbonisation poli
Export and patent specialization in low carbon technologies
The low-carbon technology sector is going through a period of disruptive innovation and strongly increased investment, which is likely to continue. Gl
Brexit and Energy Policy
Testimony before the European Parliament's Committee on Industry, Research and Energy
Developing the EU long term climate strategy
To ensure that EU climate policy is in line with the goals of the Paris Agreement, and takes into account substantial recent shifts in the technical a
Addressing Europe’s failure to clean up the transport sector
The European Union has the long-term vision to reduce its greenhouse gas emissions by 80-95 percent by 2050 compared to 1990 and it adopted in 2014 a
Climate policies risk increasing social inequality
The aggressive political interventions needed to effectively counteract climate change will make the rich richer and the poor poorer, if social concer
The clock is ticking: Ukraine’s last chance to prevent Nord Stream 2
Ukraine is running out of time to provide western gas consumers with the necessary trust to abandon the Nord Stream 2 gas pipeline project.
No Financial Meltdown
Intel suffered only minimal pain in the stock market following revelations about the ‘Meltdown’ hardware vulnerability. But if the market won’t compel
The impact of Brexit on the Irish energy system – pragmatism vs. principles
Brexit promises pain for Ireland that could be cut off from the EU internal market and be left exposed to market instability in the UK. Georg Zachmann
A new strategy for European Union-Turkey energy cooperation
In a period of stress in the relationship between the European Union and Turkey, cooperation over energy could be a bright spot, because of strong mut
Reinforcing the EU energy industry transformation: stronger policies needed
The European energy system is being transformed by three major forces, decarbonisation, digitalisation and decentralisation. Decarbonisation is changi
Remaking Europe: the new manufacturing as an engine for growth
Europe needs to know how it can realise the potential for industrial rejuvenation. How well are European firms responding to the new opportunities for
Low carbon technology exports: the race is still open
A country’s relative strength in exporting a certain product is likely to persist. But it is easier to gain a comparative advantage in exporting low c
Nord Stream 2 can wait
Gazprom is pushing ahead with plans to build a second gas pipeline under the Baltic sea, straight form Russia to Germany. Supporters claim that Ukrain
Adieu Paris: what’s next for climate policy if Trump ditches the Paris Agreement?
US President Trump has made it clear that he is not happy with the Paris Agreement. This week he will announce whether the US will withdraw from the A
Standing on the shoulders of distant giants
New inventions build on earlier inventions, so patent citations are one indication of who is standing on whose shoulders. We show that four low-carbon
The carbon buyers’ club: international emissions trading beyond Paris
The effort to define rules for international emissions trading faces the strong desire of nation states to develop their own climate policies, which c
Decarbonisation: a future fiscal headache for Europe?
Energy taxes contribute significantly to public budgets in the EU, but with the aim to reduce greenhouse emissions, the EU will have to fully decarbon
A European approach to climate finance will make a deal at COP21 more likely
Europe needs to convince poor countries that it is serious about a climate deal. To do this it must act jointly and decisively to shape global climate
Climate policy in China, the European Union and the United States: Main drivers and prospects for the future
China, the European Union (EU) and the United States (US) are responsible for the majority of global emissions of greenhouse gases, and produce about
Energy policies in Eastern European partners
Euronest Parliamentary Assembly, 1 December 2016.
Going local: empowering cities to lead EU decarbonisation
Decarbonisation and digitalisation are reshaping the European energy system, which will become more decentralised and interconnected with other sector
How to put cities at the heart of EU clean energy plans
As the European Commission releases its new energy package, “Clean Energy for all Europeans”, our authors argue that cities are the key to success. Th
Can North Africa's energy challenges become opportunities?
Cooperation in the energy sector could increase economic prosperity and political stability in North Africa and also generate economic opportunities f
An approach to identify the sources of low-carbon growth for Europe
In order to secure growth and jobs, Europe needs a new growth model built on developing emerging sectors with high value added. But in which sectors c
Seven years after the crisis: intersecting perspectives
This joint publication brings together the papers produced as part of the first collaboration between Bruegel and the OCP Policy Center. Within the th