Prompted by Russia’s war on Ukraine, the European Union has launched an effort to raise the target share of renewables in its total energy mix to 45%, from 40%, by 2030. Its new REPowerEU plan also calls for enhanced energy conservation and supply diversity—with $220 billion in new public and private investment envisioned by 2027 to transition from Russian supplied energy.
Already on target to cut those fossil fuel imports by one-third this year, the European Commission now aims to eliminate them totally by 2027. Russia now earns about $100 billion per year in oil and gas sales to the EU. The new plan aims to accelerate liquefied natural gas imports from the U.S. and Canada, and pipeline gas imports from Norway.