- EC targets by 2030 include raising the share of renewable energy to 45%, and cutting total energy consumption by 13% across the EU.
- The amount of 195B Euro includes a plan to produce 10 million tons of renewable hydrogen by 2030 and continue to import another 10 million tons
- As for liquefied natural gas (LNG) imports, the EU will discuss the potential from countries such as Egypt, Israel and Nigeria.
Additional 195 billion euros for alternative energy solutions
This sum will be included in the European Commission’s accelerated clean energy transition project, which is slated to be announced on May 18.
According to draft proposals and EU officials, Brussels is considering adopting stronger targets for renewable energy and energy efficiency to help lead the plans.
New policies and law amendments are enacted to quench the thirst for energy
The Commission estimates that the measures will necessitate 195 billion Euro in additional investments, in order to those already required to fulfill the EU’s 2030 climate objective, which would help reduce Europe’s fossil fuel import cost.
More specifically, the EC’s targets by 2030 include raising the share of renewable energy to 45%, (instead of just 22% in 2020) and reducing total energy consumption across the EU by 13% compared to the forecasted number.
Modifications to EU law to expedite permitting deadlines for some renewable energy projects, as well as new EU schemes to begin a large-scale spread of solar energy and revive Europe’s solar manufacturing industry, are among the proposed.
Brussels will also lay out plans to produce 10 million tonnes of renewable hydrogen by 2030 and import another 10 million tonnes, with laws outlining which types of hydrogen can be classified as renewable.
The EU will also discuss the potential for increased liquefied natural gas imports from countries such as Egypt, Israel, and Nigeria, as well as the infrastructure required to replace Russian gas imports.
Tran Van Hieu
The US and UK officially banned the import of Russian oil and gas