EU readies €195 billion plan to quit Russian fossil fuels EKOenergy

EU readies €195 billion plan to quit Russian fossil fuels

Olena Yatseno

Brussels will present the strategy in the middle of next week

The European Commission (EC) next week will present a plan to improve energy security and reduce Europe's dependence on Russian energy resources until 2027. For this, the European Union intends to invest €195 billion.

The EU's new energy security plan includes updated, more ambitious targets for renewable energy and energy savings. It will be presented on May 18, reports Euractiv.

The European Commission proposes to raise the target for the share of green energy in the EU energy mix by 2030 to 45% from the current 40%. This would increase clean energy capacity to 1,236 gigawatts, up from 511 gigawatts today — more than the EU's climate package originally envisaged.

Europe intends to increase its use of renewable energy sources, increase energy savings, diversify sources of energy imports and increase investments to replace coal, oil and natural gas supplies from Russia after its invasion of Ukraine.

According to the project, by 2028 the number of solar power systems should more than double, to 300 gigawatts. The Commission also relies on climate-friendly hydrogen, which is produced from green electricity, for example. Until 2030, 10 million tons will be produced in the EU and another 10 million tons will be imported.

In addition, the regulator suggests that the countries of the region set a goal to reduce energy consumption by 13% by the end of the decade compared to 2020 estimates, instead of the previously planned 9%.

The EC's proposed strategy is expected to save the EU nearly €80bn annually on Russian gas imports, €12bn on oil imports and €1.7bn on coal imports.

The European Commission also intends to present a set of measures in the event of an emergency cessation of gas supplies by Russia.

Еhe day before EcoPolitica reported that by 2025 production of plants for hydrogen generation (pots) in Europe will experience a tenfold increase.

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