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EU Commission Outlines Energy Budget Plan

ENERGY

The EU announced a €210 billion investment plan today to move away from Russian energy by 2027.

  • It includes €86 billion euros for renewable energy and €27 billion for hydrogen infrastructure, €29 billion for power grids and €56 billion for energy savings and heat pumps.
  • The Commission said some investments in fossil fuel infrastructure would be required - €10 billion for a dozen gas and liquefied natural gas projects and up to €2 billion for oil, targeting land-locked Central and Eastern European countries that lack access to non-Russian supply.
  • The Commission proposed a higher legally binding target to get 45% of EU energy from renewable sources by 2030, replacing its current 40% proposal.
  • Another target would cut EU energy consumption 13% by 2030 against expected levels, replacing its current 9% proposal.
  • Brussels will also launch a scheme to allow countries to jointly buy gas rather than leave to individual countries.
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