EU Drafting 195 Billion Euro Plan Against Russian Fossil Fuels
According to drafted documents, the European Commission planning a 195 billion euro investment by 2027 to phase out Russian fossil fuels.
May 13, 2022. By News Bureau
The draft measures can be modified before being published next week. It includes a mix of EU laws, non-binding schemes, and recommendations that national governments could implement, such as revising plans to spend the EU's massive COVID-19 recovery fund to free up more funding for the energy transition.
The Commission estimates that the measures will necessitate 195 billion euros in additional investments, on top of those already required to reach the EU's 2030 climate target, which would help Europe's fossil fuel bill be reduced.
According to draught proposals and EU officials, Brussels is considering adopting stronger targets for renewable energy and energy efficiency to help lead the plans.
A target of 45% renewable energy by 2030, replacing the Commission's current 40% plan, and a 13% reduction in EU-wide energy consumption by 2030 compared to predicted use, replacing the Commission's current 9 percent proposal, are among the goals under debate.
Modifications to EU law to expedite permitting deadlines for some renewable energy projects, as well as new EU schemes to begin a large-scale spread of solar energy and revive Europe's solar manufacturing industry, are among the proposed.
Brussels will also layout plans to produce 10 million tonnes of renewable hydrogen by 2030 and import another 10 million tonnes, with laws outlining which types of hydrogen can be classified as renewable.
The EU will also discuss the possibility of increasing liquefied natural gas imports from countries such as Egypt, Israel, and Nigeria, as well as the infrastructure required to replace Russian gas imports - which, according to a draught document, should be designed to avoid locking in decades of emissions that could jeopardise climate change goals.
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