14.6 C
New York
Saturday, September 23, 2023

Energy, EU: 300 billion for withdrawal from Moscow

Must read

I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times. I have a passion for learning more about economic trends and understanding how they affect businesses of all sizes. To stay up to date with the latest developments in the field of economics, I make sure to keep track of reliable sources like Bloomberg News or Reuters. In addition to my writing work, I often provide consultation services related to economic matters for clients both large and small.

Brussels wants independence from Russian gas, oil and coal. And that is why it presents a package of almost three hundred billion euros based on three pillars: alternative suppliers, greater savings in consumption and greater use of renewable resources. In this sense, the proposal is for solar panels on most of the continent’s rooftops. The RePowerEu plan largely financed with money from the Recovery Fund

Nearly three hundred billion euros in investments by 2030. This is the price of energy independence from Russia, which European Commission President Ursula Von der Leyen wants to achieve as quickly as possible. The war in Ukraine has changed the community compass: that is why the RePowerEu program is announcing massive funding with the aim not only of seeking alternative suppliers for Putin (who continues to sell large quantities of gas and oil to Europe), but also and consumption savings. (WAR IN UKRANE, SKY TG24 SPECIAL – REPORTS AND DIRECTIONS FROM UKRANE).

225 billion in loans and 72 billion in grants

The money, mainly loans (225 billion), will be made available thanks to the Recovery Fund, the package against the Covid crisis. Many countries have not asked for this piece of the pie because they did not consider it economically viable and thus can be used for energy. A circumstance that could get Italy in trouble, which instead asked for all the available money. The rest of the package, 72 billion, is grants from other EU funds. States will thus be able to spend it to find alternatives to Moscow, for example by expanding existing gas pipelines and building new regasifiers.

More renewable energy, less consumption

To balance this greater temporary use of fossil fuels, Europe is accelerating on less polluting sources, which should cover 45% of production within eight years. And then more green hydrogen (which is not made with gas), biomethane and energy savings (the target rises to 13%). In that sense, restrictions on air conditioners and radiators, but also solar panels on the roofs of public buildings (by 2025) and on all new homes from 2029. An ambitious project, like many others included in the RePowerEu. From the reduction to the permits for new photovoltaic and wind power plants (now it takes years) to the common platform for the purchase of raw materials for energy. Finally, states will be able to continue cutting taxes on electricity and gas to lower their bills, while the idea of ​​a single cap on the price of imported methane will only exist if Russia shuts the taps completely.

Source: TG 24 Sky

More articles


Please enter your comment!
Please enter your name here

Latest article