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EU Green Tech Needs Cash on Fossil-Fuel Scale, Gates Group Says

The bloc must invest 800 billion euros in four key technologies this decade

High-voltage power lines next to the Falkenhagen pilot plant in Germany. The plant converts wind power into hydrogen and synthetic methane. 

High-voltage power lines next to the Falkenhagen pilot plant in Germany. The plant converts wind power into hydrogen and synthetic methane. 

Photographer: Krisztian Bocsi/Bloomberg

The European Union needs to invest 800 billion euros ($834 billion) in four key green technologies this decade if it wants to end dependence on Russian energy, according to a group founded by U.S. billionaire Bill Gates.

Russia’s invasion of Ukraine and fears of a potential cutoff from gas -- which made up around 40% of imports to the EU before the war -- have spurred a greater drive among member states to speed up the energy transition. While plans to curb reliance on Moscow call for more gas from other countries, clean power and green fuels are also seen as key to bolstering security of supply.