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The West is focused on reducing dependence on Russian oil and gas for obvious geopolitical reasons, but this also creates an opportunity to go greener and reduce carbon emissions, according to Jeffrey Frankel, professor at Harvard’s Belfer Center and former member of the White House’s Council of Economic Advisers.

  • Frankel said he recommends ending fossil fuel subsidies because of environmental harm and their ineffectiveness in penalizing Russia.
  • He said he understands the political temptation for a gas tax holiday but said it is “terrible economics.”
  • Frankel said he thinks the Biden administration has done a “fairly good job” on energy policy in relation to Russia.

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Protesters stand outside the Chancellery as they demand a full embargo against energy imports from Russia on May 4, 2022 in Berlin, Germany. (Photo by Omer Messinger/Getty Images)

Steam rises from cooling towers of a coal-fired power plant in Niederaussem, Germany. Frankel says the West’s focus on reducing dependence on Russian oil and gas creates an opportunity to further environmental and climate goals. (Photo by Andreas Rentz/Getty Images)

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