EU sets out plan to speed up green energy transition

• 2 years ago (2022-05-19)
• David Flin

Europe 1088 Renewables 776

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The European Commission has announced the REPowerEU plan, aimed at rapidly reducing dependence on Russian fossil fuels and speeding up the green energy transition. The plan calls for the investment of an additional €210 billion by 2027, increasing the share of renewables from 40 per cent to 45 per cent by 2030, saving energy, and diversifying supplies.

The Commission is proposing a set of measures to achieve this, including energy savings, diversifying energy supplies, and accelerated roll-out of renewable energy. The plan says that renewable energy should be recognised as an overriding public interest, while energy savings are the quickest and cheapest way to address the current energy crisis.

The proposal to increase the 2030 target for renewables from 40 per cent to 45 per cent involves new initiatives and strategic plans. These include an EU Solar Strategy aimed at doubling PV capacity by 2025 and installing 600 GW by 2030. The Commission also proposes setting a target of 10 million tons of domestic renewable hydrogen output and 10 million tons of imports by 2030. This will replace natural gas, coal, and oil.