The EU will have to spend almost 200 billion euros over the next five years in its quest for energy independence from Russia, according to a Commission draft seen by the Financial Times.
The draft of the forthcoming RepowerEU proposal shows that Brussels expects additional investment of € 195 billion by 2027, in addition to plans to boost spending on reducing carbon emissions. The EU will also need to reduce energy consumption more than previously thought to meet the target of zero zero carbon emissions by 2050.
The proposals are about “rapidly reducing our dependence on Russian fossil fuels by rapidly promoting clean transition and achieving a more resilient electricity system and a real Energy Union,” the draft said, citing a reduction in consumption. energy by 13% by 2030.
Brussels also seeks to accelerate the development of RES, aiming to cover 45% of total energy demand by 2030. The document also talks about accelerating the installation of photovoltaics by 2028 to more than double the current levels. The construction of wind farms must be accelerated “drastically”, it is reported.
Source: Capital
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