EU: Getting Rid of Russian Energy Costs 300 Billion Until 2030

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More energy savings in the short term, doubling the use of solar energy in the EU within three years, more diverse energy sources, including nuclear energy and a faster transition from fossil to renewable energy, are some of the measures that should make the European Union independent by 2027 of coal, gas and oil from Russia.

 

According to the European Commission, that operation will cost 210 billion euros until then and 300 billion until 2030. In addition, she has named the REPowerEU plan, for which Brussels will allocate 75 billion euros in subsidies from the current multi-year budget until 2027.

The EU’s executive board was asked in March by the union’s leaders to quickly develop proposals on how the EU could reduce its energy dependency on Russia. Due to the Russian invasion of Ukraine and the insecure energy supply, but also to punish the Russians, the EU wants to get rid of energy ties with Moscow. According to the commission, the EU imports 100 billion euros worth of fossil fuels such as coal, oil and gas from Russia every year. In addition, due to climate change, it had already been agreed to ban fossil fuels. This is now being accelerated.

The committee thinks it will reduce gas imports from Russia by two-thirds this year, among other things, by jointly purchasing elsewhere, including in the form of liquefied gas (LNG). She also asks the Member States to launch public campaigns aimed at ‘behavioural changes’ that should encourage citizens and businesses to make significant energy savings. As a result, by 2030, 13 percent of energy must be saved instead of the previous target of 9 percent.

She also wants the EU energy mix to consist of 45 percent renewable energy by 2030 instead of the previously targeted 40 percent. Gas now accounts for about a third of EU energy consumption. Large consumers, in particular the chemical and food industry, are advised to switch to hydrogen as soon as possible. The capacity for hydrogen, biomethane and solar energy must be increased rapidly. This will require substantial investment in new and convertible energy infrastructure. The committee proposes to speed up the procedures for permits.

If it is up to the committee, the money for the massive operation will come from the corona recovery fund, which was set up to help EU countries after the economic setbacks caused by the pandemic. This still contains approximately 225 billion euros in undrawn loans. She also proposes to auction 20 billion euros in extra emission permits and transfer more than 34 billion euros from the European agricultural and cohesion funds.

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