Russian oil ban to be strengthened with £177billion plan from European Commission

Russian oil ban not enough to stop them funding war says expert

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The strategy will outline how Europe can cease its reliance on Russian fossil fuels by 2027 and to instead embrace and speed up plans for green energy. Russia’s invasion of Ukraine sparked intense calls for Europe to cut its dependence on Russian fuels as Europe’s top supplier of gas.

Russia supplies 40 percent of Europe’s gas and 27 percent of its oil which has caused the European Union to reconsider its energy policies after threats by Russia to cut supplies in response to sanctions. 

The European Commission is set to unveil a plan that outlines three main points to tackle the issue. 

The points set to be announced that are highlighted in draft documents are: to convert to importing more non-Russian gas, to speed up renewable energy rollout, and to further efforts to conserve energy.

The measures include a combination of EU laws, non-binding schemes, and recommendations that national governments could take up.

The plan is set to cost €210billion (£177,4billion) in extra investments which the EU hopes to achieve with money that is freed up by the energy transition from its Covid recovery fund.

This would eventually reduce the billions of euros that the bloc spends on imports of fossil fuels every year.

The strategy outlines ideas to acquire non-Russian supplies of liquefied natural gas imports from countries including Egypt, Israel, and Nigeria.

The strategy also highlights the need for new infrastructure that will be needed to achieve this movement away from Russia. 

Under targets set out by the European Union to help tackle climate change, the bloc’s need for gas is anticipated to drop by a third by 2030.

The plans also aim to produce 10 million tonnes of renewable hydrogen by 2030 and to import a further 10 million tonnes to replace gas.

POLL: Should Rishi Sunak raise money by an oil and gas windfall tax? (POLL)
Will Smith asked Jada Pinket Smith to be present for kissing scenes (INSIGHT)
South Africa Omicron strains upgraded to variants of concern (REVEAL)

Considerations are also taking place over raising the renewable energy and energy efficiency targets to a 45 percent share of renewable energy by 2030, from its current 40 percent plan.

Discussions are also tabling the idea to raise the EU’s target in cuts on energy consumption to 13 percent by 2030 from the current 9 percent proposal.

Another aspect of the proposal suggested upgrading the law to allow for a one-year simplified permit allowing for more projects that focus on renewable energy like solar and wind.

Source: Read Full Article