What would be the endgoal when it comes to energy supply for Europe if sanctions keep mounting up?
Do you think Europe will innovate and join hands together with come up with better self contained sustainable renewable energy solutions? Or would you think this will ramp up arctic drilling?
My opinion: Let's first go beyond Europe. look at COP(s). Since the Paris agreement, developed country has failed to provide funding for the climate funds but more surprising is that they failed to show initiative to transfer technology for renewable energy production in developing and developed country. This shows the European and the US government has a tendency not innovate or not to share. The developing and LDC countries governments are bound to invest in fossil fuel plants.
Coming back to Europe we see the entire continent significantly reliant on one single country for their energy and fossil fuels. There is only one 'viable' and immediate solution, Arctic drilling.
If the effectiveness of sanctions have taught me anything, get them hooked into capitalism then use that as stick. Controlling arctic energy resources will essentially make Europe less reliant on Russia if both the United States and Canada starts heavily investing in it. It might not surprise you when it happens, but when it happens we will convince ourselves this was the right decision.