May 19, 2022 20:42 PM
European Commission President von der Leyen.
[Xinhua Finance]Due to the conflict between Russia and Ukraine, Europe hopes to get rid of its dependence on Russian energy as soon as possible. According to the estimation of the European Commission, the EU needs to invest up to 300 billion euros by 2030.
European Commission President von der Leyen on the 18th proposed a plan to get rid of Russia’s fossil fuels and accelerate the energy transition. Von der Leyen proposed raising the EU’s 2030 energy saving target from 9% to 13% and the target for the share of renewables from 40% to 45%.
“We must reduce the energy sector’s dependence on Russia as soon as possible,” von der Leyen said. This requires considerable investment and reform. “We are raising up to 300 billion euros for this. This plan will help save energy, accelerate the phase-out of fossil fuels and stimulate investment.”
To achieve this, the European Commission wants to shorten the approval process for renewable energy projects, introduce a “solar roof” obligation and import more hydrogen energy. Among them, the “solar roof” obligation means that from 2025, new public and commercial buildings should be forced to install solar energy systems, and from 2029, new private residences must also follow this regulation.
In addition, the plan includes investments in infrastructure such as power grids, gas and oil pipelines. Countries such as Hungary, which are particularly dependent on Russian oil, will receive a total of up to 2 billion euros to wean themselves off Russian energy.
As for the source of 300 billion euros of funding, Von der Leyen plans to focus on loans and donations, and many proposals still need to be negotiated with EU countries and the European Parliament.