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EU Fast-Tracks Proposals to Move Away from Russian Fossil Fuels

  • Publish Date: Posted 7 months ago
  • Author: Steve Walia

​The European Commission has shared plans to move away from Russian fossil fuels and end its dependence by 2027, with €210 billion of investment, subsidies and tax breaks to make the plan happen.

 

Russia was Europe's main gas supplier until it invaded Ukraine. Now the EU is rapidly revising its energy policies and bringing forward its plans for renewable energy and energy security of supply.

 

Brussels has proposed that it will switch to importing gas from other countries, move more aggressively to roll out clean energy plans across the Union and implement energy-saving and insulation methods to reduce waste.

 

The new roadmap will combine a mix of EU laws, recommendations to individual nation-states and non-binding incentive schemes for the 27 member countries of Europe. Each country is largely in charge and responsible for its own national energy policy.

 

Brussels expects that €210 billion of extra funding will be needed by 2037 and a further €30 billion on top by 2030. This investment will be in addition to the sums already needed to meet the 2030 climate goals agreed upon previously.

 

However, Brussels believes that the investment will slash its bills for fuel imports whilst allowing Europe to become increasingly independent with its energy supply.

Brussels will suggest that the measures are funded by using the existing Covid 19 recovery fund that is already in place across the EU. It is also planning to sell more permits on the carbon market to raise 20 billion euros.

To spearhead the new strategy, the Commission has proposed that a new target of 45% renewables by 2030 should become legally binding - from the current level of 40pc. As part of this, member states will be obliged to install solar panels on new buildings and implement other measures.