The European Commission will propose an energy package that involves an additional investment of €210 billion by 2027 for the European Union (EU) to become independent of Russian energy and meet environmental targets.
In the draft communication to be published on Wednesday, to which the Lusa agency had access today, it is written that “the Commission’s analysis indicates that the [novo pacote energético] REPowerEU implies an additional investment of 210 billion euros by 2027, in addition to what is necessary to achieve the objectives of the Goal 55 package, which provides for an ecological transition with a 55% reduction in polluting emissions by 2030 .
According to Brussels, “such an investment will pay off”, as the two packages – energy and environment – will allow the EU “to save 80 billion euros in gas import expenditure, 12 billion euros in ‘import of oil and 1.7 billion euros in expenditure’. on coal imports per year.
At stake is REPowerEU, the plan to increase the resilience of the European energy system and make Europe independent of Russian fossil fuels before 2030, following the war in Ukraine and supply problems.
The plan therefore aims to diversify supplies, to replace fossil fuels with the transition to clean energies, to combine investments and reforms and even to save energy, objectives in line with the Goal 55 program which provides for a reduction of 55% polluting emissions by 2030. .
In the communication, the Community executive stresses that the measures included in the package aim to “structurally transform the EU’s energy system”, at a time of accentuated crisis in the sector and where prices are reaching maximum levels.
But the main objective of REPowerEU is to “rapidly reduce the dependence on [europeia] of Russian fossil fuels by rapidly advancing the clean transition and joining forces to achieve a more resilient energy system and a true Energy Union”, stresses Brussels.
Admitting that “the rapid decoupling of energy imports from Russia could lead to higher and more volatile energy prices”, the European Commission proposes measures to “control prices and protect people from energy poverty “, namely a social climate fund to support vulnerable households and small businesses.
Brussels will also continue an awareness campaign on energy saving and energy efficiency.
To finance this energy package, Brussels intends to encourage countries to integrate the reforms within the framework of national recovery and resilience plans and to use cohesion funds, state aid and community programs such as the InvestEU investment, the Connecting Europe Facility and the Innovation Fund.
The communication from the European Commission comes at a time of conflict in Ukraine caused by the Russian invasion, geopolitical tensions which affect the European energy market, since the EU imports 90% of the gas it consumes, Russia being responsible for around 45% of these imports, at varying levels depending on the Member States.
Russia is also responsible for around 25% of EU oil imports and 45% of coal imports.
On average in the EU, fossil fuels (such as gas and oil) have a weight of 35%, compared to 39% of renewable energies, but this is not the case in all Member States, given differences between the energy mix of each of the 27 Member States, some being more dependent than others.
Brussels has championed the need to ensure EU energy independence from unreliable suppliers and volatile fossil fuels.