EU Announces Accelerated Plan To Reduce Dependency on Russian Energy

Video Credit: Wibbitz Top Stories
Published on May 18, 2022 - Duration: 01:30s

EU Announces Accelerated Plan To Reduce Dependency on Russian Energy

EU Announces , Accelerated Plan to Reduce , Dependency on Russian Energy.

Al Jazeera reports that the European Commission has revealed a $220 billion plan to end the bloc's dependence on Russian fossil fuels in the next five years.

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Al Jazeera reports that the European Commission has revealed a $220 billion plan to end the bloc's dependence on Russian fossil fuels in the next five years.

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The package, REPowerEU, also reportedly accelerates the EU's plan to transition to green energy.

We are taking our ambition to yet another level to make sure that we become independent from Russian fossil fuels as quickly as possible, Ursula von der Leyen, EU Commission President, via Al Jazeera.

Al Jazeera reports that Russia supplies 40% of the EU's gas and 27% of its imported oil.

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In August, an EU plan to ban Russian coal will take effect.

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The bloc has also pledged to reduce the demand for gas from Moscow by two-thirds by the end of 2022.

The bloc has also pledged to reduce the demand for gas from Moscow by two-thirds by the end of 2022.

Hungary and other landlocked countries have opposed the EU's proposed oil embargo, citing concerns about the cost of switching to alternative sources.

Hungary and other landlocked countries have opposed the EU's proposed oil embargo, citing concerns about the cost of switching to alternative sources.

RePowerEU will help us to save more energy, to accelerate the phasing out of fossil fuels and, most importantly, to kick-start investments on a new scale, Ursula von der Leyen, EU Commission President, via Al Jazeera.

New investments reportedly include $90 billion for renewable energy, $28 billion for hydrogen infrastructure, $30 billion for power grids and $59 billion for energy savings.

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New investments reportedly include $90 billion for renewable energy, $28 billion for hydrogen infrastructure, $30 billion for power grids and $59 billion for energy savings.


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