EU Unveils $220bn Plan to Ditch Russian Energy
The measures include a mix of EU laws, non-binding recommendations to governments in the EU’s 27 member countries.
Taken together, Brussels expects them to require 210 billion euros in extra investments by 2027 and 300 billion euros ($314bn) by 2030 on top of those already needed to meet the bloc’s 2030 climate target. Ultimately, it said the investments would slash Europe’s fossil fuel import bill.
Those investments include 86 billion euros ($90bn) for renewable energy and 27 billion ($28bn) for hydrogen infrastructure, 29 billion euros ($30bn) for power grids and 56 billion euros ($59bn) for energy savings and heat pumps.