According to the EU Commission, the EU must invest up to 300 billion euros by 2030 in order to become independent from Russian energy. Commission President Ursula von der Leyen on Wednesday, May 18th, presented a plan to move away from fossil fuels in Russia and speed up the energy transition. “We must reduce our dependence on Russia in the energy sector as quickly as possible,” von der Leyen said. This requires major investments and reforms. “We are mobilizing up to 300 billion euros for this.”
The plan will help save energy, accelerate the phase-out of fossil fuels, and stimulate investment. “This will ignite the turbo for our European Green Deal,” von der Leyen said. The goal is to stop buying energy from Russia within a decade.
Von der Leyen has proposed increasing the EU’s 2030 energy savings target from 9 to 13 percent. It also proposed increasing the target for the share of renewable energy in the European Union from 40 percent to 45 percent by 2030.
To achieve this, the Commission wants, among other things, to shorten the approval process for renewable energy projects, introduce solar roof requirements and import more climate-friendly hydrogen. In addition, investment will be made in infrastructure – in electricity networks, but also in gas and oil pipelines. Countries such as Hungary, which is particularly dependent on Russian oil, are set to receive up to €2 billion to get rid of it.
Approximately 300 billion euros is made up mostly of loans and grants. Many of the proposed measures have yet to be negotiated with EU countries and the European Parliament.
“Award-winning music trailblazer. Gamer. Lifelong alcohol enthusiast. Thinker. Passionate analyst.”