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Bloomberg ($):

The European Union’s executive arm is set to bolster renewables and energy savings goals as part of a 195 billion-euro ($205 billion) plan to end its dependency on Russian fossil fuels by 2027.

The European Commission will propose raising its clean energy target for 2030 to 45% from the current 40% when it puts forward a package to implement its RePowerEU strategy on May 18, according to people familiar with the matter. It will also boost its energy-efficiency goal, requiring member states to reduce energy consumption by at least 13% from projections made in 2020 versus the current 9%.

The EU wants to combine faster deployment of renewables, greater energy savings, diversification of supplies from international partners and new tools to accelerate investment in a bid to replace coal, oil and natural gas from Russia following the country’s invasion of Ukraine. The strategy, which will bolster a Green Deal push for bigger emissions cuts by 2030, can save the bloc 80 billion euros on gas, 12 billion euros on oil and 1.7 billion euros on coal imports a year, the people said.

The EU’s plans will indicate the billions of euros needed in infrastructure investments to enable sufficient imports of LNG and pipeline gas from new supplies, and will ensure that the developments are hydrogen-ready.

[Ewa Krukowska and Alberto Nardelli]

More: EU Drafts $205 Billion Plan to Wean Itself Off Russian Fuels

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