5/18/2022, 1:19 PM (Source: TeleTrader)
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EU unveils plan to reduce dependence on Russian energy

European Commission President Ursula von der Leyen announced on Wednesday a number of measures under the REPowerEU plan aimed at reducing "as rapidly as possible" the European Union's reliance on Russian energy imports. The EU will increase its energy efficiency target for 2030 from 9% to 13%, while its renewable energy target will be increased from 40% to 45%. The union will also set up a joint procurement mechanism for liquefied natural gas (LNG).

The EU will mobilize around €300 billion for the plan, including €72 billion in grants, €225 billion in loans, and €2 billion "for oil infrastructure in view of stopping the shipment of Russian oil." Von der Leyen also announced €9 billion in macro-financial assistance for Ukraine, as well as the creation of a reconstruction platform to help Ukraine in its path to EU membership. "The plan would tackle key reforms in areas such as anticorruption, administrative capacity, rule of law, and independence of the judiciary," she stated.

Baha Breaking News (BBN) / DJ