Plans to 'REPowerEU' away from Russian Fossil Fuels are
announced
This week, the European Commission unveiled its strategy to
reduce its reliance on Russian fossil fuels as a result of the war
in Ukraine.1 In total, the EU will mobilise EUR 300
billion to fund the key elements of the plan, which include
energy-saving, diversifying supplies and supporting international
partners, accelerating the rollout of renewables, reducing fossil
fuel consumption in hard-to-decarbonise industries and smart
investment. As a result of the strategy, it is expected that the EU
will end its reliance on Russian fossil fuels by 2027.
The strategy impacts much of the legislation created under the
EU's Green Deal, which generates policy initiatives to make
Europe carbon-neutral by 2050. One target which has been adjusted
is the renewable energy target, which originally aimed to make
Europe's energy supply 40% renewable by 2030. This has now been
increased to 45%. Similarly, the
