FRANKFURT (Reuters) – A faster rollout of renewable energies such as wind and solar is the best response to recent spikes in gas and power prices, speakers at a web event hosted by European electricity lobby Eurelectric said on Wednesday.

Recent increases in energy demand have led to an increase in prices. However, tight supplies of gas and coal make it difficult for renewables. Therefore, the European Union has decided to raise carbon emissions permits’ price.

“The solution, in the longer run, is the accelerated deployment of renewables and improved energy efficiency,” said the EU Commissions head of renewables & energy system integration, Lukasz Kolinski.

We must continue to invest in renewables and solar to enjoy more of the days that they are setting prices. “Today’s scenario shows that we must reduce our dependence upon foreign fossil fuels as quickly as possible,” he stated.

Two weeks ago, EU’s climate chief stated that while fossil fuel prices are on the rise, renewable energy costs have been falling.

The bloc wants to electrify in order to reach more ambitious climate goals up to 2030.

This would reduce emissions quickly, since 75% of EU’s total emissions are in the energy sector.

Kristian Ruby, Eurelectric secretary general said: “We need to carefully consider how we will provide electricity prices that are consistent and low so that our sector can transition. We also want to electrify the country while keeping people happy about their energy prices.”

Eurelectric claims that renewable power could deliver lower emissions and better savings than industries with difficult to decarbonise.

The electricity can supply direct fuel cell and battery-powered vehicles, as well as engines that use “green” hydrogen via electrolysis.

Ruby noted that approvals for any new capacity need to be processed faster.

The EU’s electricity is carbon-free at two thirds in 2020. That percentage should reach 85% in 2030 for Eurelectric project.