European Commission chief unveils plan to phase out Russian energy resources

European Commission chief unveils plan to phase out Russian energy resources

Moscow, May 18 (UNI/Sputnik) European Commission President Ursula von der Leyen on Wednesday presented the REPowerEU initiative – the bloc’s plan to phase out Russian energy resources that includes gas imports from other countries and an increase in the share of renewable energies. “We are vulnerable by depending on Russia to import our fossil fuels, now we need to reduce our dependence on Russia for energy as quickly as possible. Today we present our plan to achieve these goals , with the plan called REPowerEU We can replace Russian fossil fuels by working on three levels: on the demand side, by saving energy, on the supply side, by diversifying our energy imports by away from fossil fuels and accelerating the transition to clean energy,” von der Leyen told a news conference. The bloc reduced the share of Russian gas in total consumption to 26% last month from 40% in April 2021, the head of the European Commission said. “Saving energy is the fastest and cheapest way to tackle the current energy crisis. We will therefore increase the EU’s energy efficiency target for 2030 from 9% to 13%. Then , there is the massive investment in renewable energy, the most important task. Here we are increasing our target for 2030 from 40% renewable energy to 45% renewable energy,” the official said. Since implementing the plan will require “massive investments and reforms”, the EU will allocate up to 300 billion euros ($315.4 billion) for energy reforms, she said. “We are mobilizing up to €300 billion prominently – €75 billion will be in grants and around €225 billion in loans,” she added. UNI/SPUTNIK RKM