EU unveils 210 billion euro plan to get rid of dependence on Russian energy

To meet its goal of not being dependent on Russian energy, the EU needs massive infrastructure including pipelines and large-scale fuel storage facilities. In the photo: Western Europe’s largest Astora gas storage facility is located in Germany – Photo: REUTERS

On May 18, the European Commission (EC) announced an ambitious 210 billion euro plan to put an end to Russia’s dependence on fossil energy.

According to Reuters news agency, this can be seen as a move that serves many purposes, including accelerating the transition to “green” energy.

To gradually reduce energy dependence on Russia, Brussels proposes a three-pillar plan: find more supplies gas other than Russia, increasing the use of renewable energy and looking for energy-saving solutions.

To implement these pillars, the EU will use non-binding laws, mechanisms and recommendations for the 27 member governments to decide on energy policies in each country.

Brussels estimates that a plan to exit Russia’s energy dependence will require at least 210 billion euros between here and 2027.

Specifically, the bloc needs to spend 86 billion euros on renewable energy, 27 billion euros on hydrogen energy infrastructure, 29 billion euros on the power grid and 56 billion euros on energy efficiency measures.

The EU also believes that some more investment in fossil fuel infrastructures will be needed for the continental countries in Central and Eastern Europe because these countries do not easily find other energy sources. .

Currently, Russia has not commented on the new move of the West. EU countries have faced much criticism and pressure for continuing to buy gas and oil from Russia even as Moscow sent troops into Ukraine.

Kiev authorities have repeatedly urged Europe to stop depending on Russian energy and imposed a ban on oil and gas imports to cut off Russia’s most important source of foreign currency revenue.

However, Brussels is reluctant to ban gas imports from Russia, which is the bloc’s top and indispensable import.

To assuage criticism, the EU has chosen to ban the import of some less important goods imported from Russia, such as coal, and is in the process of internal negotiations to ban imports of Russian oil.

Since Russia sent troops into Ukraine, the EU has imposed five rounds of sanctions targeting Russian individuals, banks, businesses and exports.