EU policy to stop imports of Russian fossil fuels by 2027

EU policy to stop imports of Russian fossil fuels by 2027

 The European Union plans to invest 195 billion euros to stop Russia's imports of fossil fuels by 2027. This policy coincides with plans to develop renewable energy and energy saving efforts by switching to alternative gas supplies. The European Commission estimates that implementing the measures will require an investment of 195 billion euros, needed to meet the EU's 2030 climate targets, which could help cut their bill on fossil fuel imports.

 According to a draft proposal and statements from European Union officials, the EU is considering proposing higher targets for renewable energy and energy efficiency. The European Commission intends to achieve its target of 45 percent for renewable energy by 2030, replacing the previous target of 40 percent. The target for reducing energy consumption in Europe also rose to 13 percent by 2030, compared to the previous target of 9 percent. 

The European Union will also adjust legislation to speed up licensing deadlines for some renewable energy projects, and a new scheme to initiate large-scale solar energy rollouts and rebuild the solar manufacturing industry in Europe. 

The European Commission also revealed plans to produce 10 million tonnes of renewable hydrogen by 2030 and plans to import 10 million tonnes of renewable hydrogen. The EU also outlined the potential to increase imports of liquefied natural gas (LNG) from countries such as Egypt, Israel and Nigeria, as well as the additional infrastructure needed to replace Russian gas imports.

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