Lubmin, GERMANY – Remote, quiet but energy-rich: the coastal area of Lubmin in north Germany hosts the world’s most controversial gas pipeline.

Nord Stream 2 stretches over 1,200 kilometres, from Vyborg (Russia) through the Baltic Sea and Lubmin in Germany. This route bypasses Ukraine and Poland.

While the pipeline for natural gas is complete, regulatory approval is still needed before it can begin supplying Europe with 55 billion cubic meters annually.

Gustav Gressel (senior policy fellow at European Council on Foreign Relations), believes it will only take a few more years before German regulators for energy give their approval.

It is difficult to do so amid rising geopolitical tensions.

Some European lawmakers strongly oppose the agreement and don’t wish regulators to accept it.

We want to get out of this [Russian energy]Morten Petersen from Denmark, who is a lawmaker in the European Parliament’s European Parliament, spoke out on Friday to CNBC’s Street Signs Europe.

Nord Stream 2 raises different geopolitical questions. One, the U.S. opposes the Nord Stream 2 pipeline because it makes Europe more dependent on Russia. The President Joe BidenHowever, lawmakers from both sides have criticised the administration for failing to do enough to stop the project.

Russia supplies the majority of European natural gas imports. According to Eurostat, 43% of total gas imports into Europe came from Russia in 2020.

Ukraine and Poland are opposing the pipeline citing security concerns regarding energy. It is believed that the pipeline will result in fewer natural gas flowing through Ukrainian pipes, and therefore less revenue for Kyiv’s ailing economy. The pipeline, according to critics, isn’t compatible with European climate goals. It will also most likely increase Russian President. Vladimir PutinIts influence on the economy and politics of the region.

Nord Stream 2 supporters claim that the U.S. is opposed to selling more of its liquified gas to Europe. They view Russia’s deal as an obstruction to their commercial interests.

Nord Stream 2 for Putin and other German lawmakers is nothing but a business transaction.

CNBC’s Hadley Gamble interviewed the Russian President on Wednesday. He stated that the project was “purely business” and a way to supply natural gas to Europe.

Nord Stream 2 is a faster route to Europe than the Ukrainian pipelines. It’s also more cost-effective to maintain, as it has fewer modern features.

paper from the European ParliamentAccording to them, “estimates on how much refurbishment” are available. [of Ukrainian pipelines]Costs could range from $2.5 to $12 Billion, and the cost for complete replacement according to KPMG research in 2017 could rise to $17.8 Billion. The total costs of Nord Stream 2 have been estimated to be approximately 9.5 million euros (or $11 billion).

Putin said his country could deliver more gas for the bloc provided that they requested it. He denied the Kremlin is using energy as a weapon against EuropeAccording to reports, Russia may have withheld gas supplies from the region.

However, the EU seems unsure of what it should do. While increasing gas imports from Russia may provide short-term relief, there are difficult questions over the long and medium term.

There is a lot of work being done across Europe to attain carbon neutrality over the next few years. It raises the question as to what kind of energy mix European nations want.

While some see natural gas, a fossil fuel, as a means to reduce CO2 emissions in the path to carbon neutrality, others argue that energy independency is the most important aspect – hence nuclear and renewables are purported to be the option.