EC unveils EUR 300bn plan to decouple from Russian energy within 5 years

Reading Time: < 1 minute

The European Commission (EC) adopted a EUR 300bn proposal for the 27-country bloc to be entirely independent of Russian energy by 2027, on Wednesday 18 May.

“We must now reduce as soon as possible our dependency on Russian fossil fuels. I’m deeply convinced we can,” EC President Ursula von der Leyen said.

Combining strategies on renewables, energy efficiency and diversification, REPowerEU would make solar panels mandatory on public buildings by 2025 and new residencies by 2029, but would involve short-term investment in fossil fuel infrastructure.

The proposal would also raise from 40% to 45% the bloc’s renewable energy target for 2030, and its energy efficiency goal from 9% to 13%.

Russian gas usage would be cut by two-thirds by the end of 2022 and would reach independency within five years, while renewable energy capacities were built up. 

EU member states could meanwhile cap gas prices to protect consumers and companies from the resultant price volatility. 

The EC wrote in a press release that “recent gas supply interruptions to Bulgaria and Poland demonstrate the urgency to address the lack of reliability of Russian energy supplies.”

Executive Vice-President for the European Green Deal Frans Timmermans tweeted that “​back in March we showed it could be done. In Versailles, Europe’s leaders agreed it should be done. And today, we set out how to do it.”

The EU will continue to support the energy security and green transition of Ukraine, Moldova and the partner countries in its immediate neighbourhood, the EC added.

Dan Nolan

Recent Posts

CEE mulls ramifications of Trump’s victory on trade, defence, environment

As Donald Trump officially declared his victory in the US election, he received congratulations from…

4 days ago

‘Budapest Declaration’ signed as Orban hosts EU summit

European leaders committed to developing a defence industry base and enhancing EU competitiveness at an…

4 days ago

EU, South Korea expand security, defence links

The EU and the Republic of Korea formalised a comprehensive Security and Defence Partnership in…

4 days ago

PKN Orlen CEE’s top firm on Coface 500 list

Poland is the dominant country in the Central and Eastern Europe (CEE) business landscape, with…

4 days ago

To the victor go the spoils – the big winners and losers of Trump’s second presidency – CET op-ed

Hungarian Prime Minister Viktor Orban, no stranger to political brinkmanship, went all in on Donald…

1 week ago

Moldova pivots to EU in presidential vote

Moldovan President Maia Sandu defeated her pro-Russian rival Alexandr Stoianoglo by around 55% to 45% in the presidential second-round…

2 weeks ago