According to the European Commission, the European Union must invest up to 300 billion euros by 2030 to become independent from Russian energy. Commission President Ursula von der Leyen presented a plan on Wednesday to move away from fossil fuels from Russia and accelerate the energy transition.
“We need to reduce our dependence on Russia in the energy sector as soon as possible,” said von der Leyen. This requires significant investment and reforms. “We are mobilizing a maximum of 300 billion euros for this.” The plan helps to save energy, accelerate the phase-out of fossil fuels and initiate investments. “This will ignite the turbo for our European Green Deal,” said von der Leyen. The goal is to stop buying energy from Russia within ten years.
Concrete plans and goals
Von der Leyen proposed raising the EU’s energy savings target for 2030 from 9 to 13 percent. She also proposed raising the target for the share of renewable energy sources in the EU 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 a solar roof requirement and import more climate-friendly hydrogen. Investments are also made in infrastructure – in electricity networks, but also in gas and oil pipelines. Countries such as Hungary, which are particularly dependent on Russian oil, will receive a total of up to two billion euros to get rid of it.
Negotiations yet to come
The approximately 300 billion euros will largely consist of loans and grants. Many of the proposed measures have yet to be negotiated with EU countries and the European Parliament.
Billions in loans to Ukraine
The EU commission also wants to help Ukraine in the short term with a maximum of nine billion euros. The Brussels authorities announced on Wednesday that they are proposing loans for this year. EU countries should provide additional guarantees. Payment is scheduled in several tranches, with long term and preferential interest rates. In the longer term, a reconstruction program is planned, in which the EU, in its own view, is likely to become the largest donor.
“Ukraine can count on the full support of the EU,” said the Commission president. The country had been devastated by the Russian attack in recent months. The EU will play a leading role in reconstruction. Investment would go hand in hand with reforms to bring Ukraine closer to Europe. According to the EU Commission, the emphasis should mainly be on more rule of law. The fight against corruption in the country should also be promoted.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
