EU expects 300 billion for independence from Russian energy

Thu 19th May, 2022

Photo by Guillaume PérigoisAccording to the EU Commission, the European Union must invest up to 300 billion euros by 2030 in order to become independent of Russian energy. Commission President Ursula von der Leyen presented a plan on Wednesday to move away from fossil fuels in Russia and accelerate the energy transition.

"We need to reduce our dependence on Russia in the energy sector as quickly as possible," von der Leyen said. That will require significant investment and reform, she said. "We are mobilizing up to 300 billion euros for this purpose." The plan will help save energy, accelerate the phase-out of fossil fuels and trigger investments, she said. "This will turbo-charge our European Green Deal," von der Leyen said. The goal is to no longer have to buy energy from Russia over the course of the decade.

Von der Leyen proposed increasing the EU's 2030 energy savings target from 9 to 13 percent. She also proposed increasing the EU's renewable energy target from 40 percent to 45 percent by 2030.

To achieve this, the commission wants to shorten approval procedures for renewable energy projects, introduce a solar roofing requirement and import more climate-friendly hydrogen, among other things.

It also wants to invest in infrastructure - in power grids, but also in gas and oil pipelines. Countries like Hungary, which are particularly dependent on Russian oil, are to receive a total of up to two billion euros to get away from it.

The roughly 300 billion euros are to consist largely of loans as well as grants. Many of the proposed measures still have to be negotiated with the EU countries and the European Parliament.

Photo by Guillaume Périgois


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