On 18 May the European Commission issued its much-anticipated RePowerEU plan which aims to promptly reduce Russian fossil fuel imports while accelerating the green transition.
Currently, the EU imports 45% of their gas, 25% of its oil and 45% of coal from Russia – costing the European taxpayer nearly €100 billion annually. Public opinion shows that 85% of EU citizens want to reduce this dependency as soon as possible to support Ukraine.
DeHavilland EU Policy Consultants’ Christina Kouremenou and Ilias Bafounis followed the announcements, summarising and analysing the key takeaways in a Policy Note.
The REPower EU plan outlines actions for accelerating the deployment and use of renewable resources, addressing the issue of rising energy prices, increasing energy savings, supporting consumers and industry, and making the Green Deal and Fit for 55 targets more ambitious.
The plan allows the EU to better plan and prepare for any gas supply disruption, monitor the activities of non - EU energy suppliers in the EU such as Gazprom, optimise the use of the existing infrastructure by increasing solidarity among the EU Member States.
Additionally, the Commission issued proposals for short-term interventions on gas supply disruptions and a set of long-term measures to improve the design of the electricity markets.
Some of the actions that the EU will take include:
Increasing energy savings for businesses and consumers
Diversification of energy supplies
Accelerating the deployment of renewables
Supporting the transport industries green transition
Interested in discovering more about the RePowerEU plan? Download our Policy Note here.