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ENERGY
REPowerEU, Europe’s response to energy uncertainty
REPowerEU is the EU's plan to eliminate dependence on Russian fuels by 2030
ENERGY
This increase is intended to be spent on energy measures and aims to reduce Russia's dependence on fossil fuels
The European Parliament has approved an additional €20 billion under REPowerEU to be included in energy measures to reduce Russia’s dependence on fossil fuels while accelerating the green transition. This is in line with the main objective of REPowerEU at its launch: to achieve a resilient energy system independent of external suppliers.
The new rules, which will apply retroactively from 1 February 2022, include a requirement that at least 30% of its investments under the green transition plan be spent on multi-country measures. This measure aims to fulfil the dual objective of reducing current bottlenecks in energy transmission, distribution and storage and also to increase cross-border flows.
The application of this new chapter gives different percentages and amounts to Member States as shown below:
Since its launch, REPowerEU has established a series of financial and legal measures to build a new energy infrastructure to accelerate the energy transition and reduce dependence on fossil fuels from Russia, especially gas, by 2030. This plan was also designed to respond to rising energy prices in the EU, which are currently severely affecting consumers' wallets.
The plan adds to the path already set out by the 'Fit for 55' package, a set of legislative proposals that will enable the EU to achieve a 55% reduction in greenhouse gas emissions by 2030.
REPowerEU is based on four pillars: diversifying energy supplies to seek new partners and alternative fuels; promoting energy savings at all levels; accelerating the transition to renewables in each European country to reduce the need for energy imports; and finally, making the necessary investments and reforms by limiting investments in gas infrastructure.
The role of innovation in accelerating the transition to clean energy is already crucial for the European Green Deal," said Alessandro Provaggi, head of our Brussels office. REPowerEU makes it even more urgent and important".
News
ENERGY
REPowerEU is the EU's plan to eliminate dependence on Russian fuels by 2030
Opinion
ENERGY CRISIS
Alessandro Provaggi
Head of Brussels office
Publication
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