Spanish Prime Minister Pedro Sanchez has said his country — and southern Europe more broadly — could provide an answer to the shortfall in gas supplies from Russia as the region looks to double down on sanctions against Moscow.

Sanchez stated that Spain, and Southern Europe in general, would have the opportunity to address Russia’s energy dependence on fossil energy late Monday at the World Economic Forum.

Sanchez highlighted that Spain represents 37% of the European Union’s total regasification capacity — where liquefied natural gas is turned back into the end product of natural gas. Sanchez also stated that around half the EU’s LNG storage is located on the Iberian Peninsula. It is occupied by Portugal as well as Spain.

“This war taught us a very valuable lesson. This is that energy efficiency, renewable energy, hydrogen and energy efficiency are not just great ally countries to address climate change, but in this extremely complex and uncertain geopolitical situation that will also provide us with means to increase resilience and our autonomy,” he said.

The issue of energy security — and soaring energy prices — has been front and center in the political debate in Spain, with Madrid being one of the most vocal capitals about the need for European action to bring down prices for consumers.

Together with neighboring Portugal, Spain has introduced a temporary cap on the price of natural gas and coal — a move that sets them apart from most of the rest of the EU.

Sanchez claimed that the EU’s existing energy market was not able to deal with the crisis.

He stated, “This just the beginning for a huge reflection that we must face at European level.”