The EU needs to spend almost €200bn in the next five years in its bid for energy independence from Russia, according to draft plans that set out aggressive targets in areas including clean energy and lowering consumption.
A draft of the upcoming RepowerEU proposals from the European Commission, seen by the Financial Times, shows Brussels expects extra investment of €195bn between now and 2027, on top of plans to boost spending on carbon reduction. The EU will also need to cut energy consumption more than previously thought to meet ambitious net zero carbon emissions targets by 2050.
The proposals will be published next week as EU leaders rush to wean their economies off Russian oil and gas following President Vladimir Putin’s invasion of Ukraine. The commission has already said it thinks the EU could drive down Russian gas imports by two-thirds this year, and has urged member states to replenish their gas storage facilities ahead of next winter.