EU to spend €195 billion to wean itself off Russian fossil fuels

The EU will have to spend close to €200bn in the next five years to secure energy independence from Russia, according to draft plans that set out aggressive targets in areas such as clean energy and lowering consumption, reported from the Financial Times.

A draft of proposals from the European Commission, seen by the Financial Times, shows Brussels projects that extra investment of €195bn will be needed between now and 2027, on top of plans to boost spending on carbon reduction. 

It calls for a reduction of 13% in energy consumption by 2030, compared with a 9%cut in the previous energy efficiency directive proposal.

Brussels is also seeking to speed up deployment of renewable energy, aiming for renewables to cover 45 per cent of all energy demand by 2030, compared with a target until now of 40 per cent. 

The commission also wants to see a boost to hydrogen use, with 20mn tonnes of renewably generated hydrogen by 2030, including half of it being imported.

The communication, which would require changes to several EU directives, could be revised before May 18. The latter include relaxing environmental regulations by letting companies in the EU build wind and solar projects without the need of an environmental impact assessment.

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