Von der Leyen: EU plans €300 billion Investment to get rid of Russian Fossil Fuels

World » EU | May 18, 2022, Wednesday // 18:21
Bulgaria: Von der Leyen: EU plans €300 billion Investment to get rid of Russian Fossil Fuels European Commission President Ursula von der Leyen @Flickr

The European Union intends to mobilize up to 300 billion euros in investment by 2030 to end its dependence on Russian oil and gas, European Commission President Ursula von der Leyen said on Wednesday.

The President of the European Commission has announced a number of measures under the REPowerEU plan aimed at reducing the EU's dependence on Russian energy imports "as soon as possible".

According to the measures set out in the plan, the EU will increase its energy efficiency target for 2030 from 9% to 13%, while the renewable energy target will be increased from 40% to 45% over the same period.

The Union will also set up a liquefied natural gas (LNG) joint procurement mechanism.

The EU will mobilize about 300 billion euros for the plan, including 72 billion euros in grants, 225 billion euros in loans and 2 billion euros "in oil infrastructure to cut off Russian oil supplies".

The investment will include 10 billion euros for gas infrastructure, and the rest will be mobilized for clean energy, von der Layen told reporters, adding that Brussels also offers higher legally binding EU targets for renewable energy and energy. savings until 2030

"RePowerEU's EU Energy Independence Plan will help us save more energy, speed up the phasing out of fossil fuels and, most importantly, start investing on a new scale," she said.

"So I would say that this will be the speedy development of our European green deal," she said.

The European Commission has also proposed short-term measures to combat high energy prices.

Von der Leyen also announced 9 billion euros in macro-financial assistance to Ukraine, as well as the creation of a recovery platform to help Ukraine on its path to EU membership. "The plan will address key reforms in areas such as the fight against corruption, administrative capacity, the rule of law and the independence of the judiciary," she said.

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