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EU Drafts $205 Billion Plan to Wean Itself Off Russian Fuels

  • Bloc to propose more ambitious renewable, energy-savings goals
  • Plan includes infrastructure funds for most dependent nations
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Ukraine, Russia Gas Clash Poses European Supply Risk
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The European Union’s executive arm is set to bolster renewables and energy savings goals as part of a 195 billion-euro ($205 billion) plan to end its dependency on Russian fossil fuels by 2027.

The European Commission will propose raising its clean energy target for 2030 to 45% from the current 40% when it puts forward a package to implement its RePowerEU strategy on May 18, according to people familiar with the matter. It will also boost its energy-efficiency goal, requiring member states to reduce energy consumption by at least 13% from projections made in 2020 versus the current 9%.