Europe plans to spend $221 billion to ditch Russia’s energy – CNN

by | May 18, 2022 | Energy

Presenting its “REPowerEU” plan on Wednesday, the European Commission said it would attempt to slash consumption of Russian gas across the bloc by 66% by the end of this year — and break its dependence completely before 2027 — by saving energy, finding alternate sources and speeding up the transition to renewables. “We are taking our ambition yet to another level to make sure that we become independent of Russian fossil fuels as quickly as possible,” EU Commission President Ursula von der Leyen said in a Wednesday press briefing. Since Russia invaded Ukraine in late February, the bloc has sought to reduce its dependence on Russia’s vast energy exports. It agreed to ban Russian coal starting in August, and by last month had cut Russia’s share of EU natural gas imports to 26% from 40% last year.The new plan goes further, aiming to quickly ramp up imports of liquefied natural gas from the United States and Canada, and increase flows of pipeline gas from Norway. The European Commission has also set up a platform to enable countries to jointly purchase energy, with the aim of helping to bring down rocketing prices. “When Europe acts together, it has more clout,” von der Leyen said of the joint procurement program. “This way we can secure energy imports we need without the competition between our member states.”The plan also emphasizes energy-saving tactics as the “quickest and cheapest way” to address the crisis. Europe will encourage citizens and businesses to curtail their energy use — such as by switching off lights and using less air conditioning — and believes these steps could reduce its demand for oil and gas by 5% in the short term. Longer term, the European Union will lift its target of having at least 40% of its energy coming from renewable sources to 45%. The bloc plans to dramatically cut down the amount of time …

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