EU unveils 210 billion euro plan to ditch Russian fossil fuels, as the war in Ukraine puts pressure on energy supplies
2 years, 7 months ago

EU unveils 210 billion euro plan to ditch Russian fossil fuels, as the war in Ukraine puts pressure on energy supplies

ABC  

The European Commission has unveiled a 210 billion-euro plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy. Key points: The EU says it will invest 210 billion euros into extra energy investments by 2027 It is part of a three-pronged plan to wean the EU off oil and gas, spurred by uncertainty over Russian energy supplies Russia supplies 40 per cent of the Europe's gas and 27 per cent of its imported oil The invasion of Ukraine by Russia, Europe's top gas supplier, has prompted the European Union to rethink its energy policies amid sharpened concerns of supply shocks. Russia supplies 40 per cent of the bloc's gas and 27 per cent of its imported oil, and EU countries are struggling to agree to sanctions on the latter. Some fossil fuel investments required The Commission said some investments in fossil fuel infrastructure would be required — 10 billion euros for a dozen gas and liquefied natural gas projects, and up to 2 billion euros for oil, targeting land-locked Central and Eastern European countries that lack access to non-Russian supply. The EU is negotiating laws to renovate buildings faster to use less energy, and said voluntary actions such as turning down thermostats could cut gas and oil demand by 5 per cent.

Energy Europe Brussels Ukraine Renewable Energy Investments Gas Countries Plan Commission Billion Cent Russian Euros Fossil 2030 Fossil Fuels Supplies Wean  energy  puts  russian  eu  war  fossil  euros  billion  gas  investments  fuels  ukraine  cent  supplies  countries  plan  commission  2030  unveils  pressure

History of this topic

Netherlands is one of five opposed to EU’s 200 billion euro budget for 2025
Trending News
1 month, 2 weeks ago

Netherlands is one of five opposed to EU’s 200 billion euro budget for 2025

NL Times  

After protracted negotiations, the European Union reached a preliminary agreement on its 2025 budget, but the Netherlands remains a vocal dissenter. The agreement, struck between EU finance ministers and the European Parliament, outlines 192.7 billion euro in commitments and 149.6 billion euro in payments. While the budget falls short of the European Parliament’s initial request of 194 billion euro, it …

United States, European Union among others to back new $300 billion global finance target: COP29
Trending News
1 month, 2 weeks ago

United States, European Union among others to back new $300 billion global finance target: COP29

Live Mint  

BAKU -The European Union, United States and other wealthy countries at the COP29 climate summit have agreed to raise their offer of a global finance target to $300 billion per year by 2035, sources told Reuters on Saturday. The new goal is intended to replace developed countries' previous commitment to provide $100 billion in climate finance for poorer nations per …

Germany to do to Ukraine what a Trump White House might - cut military aid by half
5 months, 3 weeks ago

Germany to do to Ukraine what a Trump White House might - cut military aid by half

Firstpost  

Germany hopes Ukraine will be able to meet the bulk of its military needs with the $50 billion in loans from the proceeds of frozen Russian assets agreed by the Group of Seven, and that funds earmarked for armaments will not be fully used. Germany will halve military aid for Ukraine next year, even with the possibility that Republican candidate …

EU to warn France, Italy and more over unruly budgets
6 months, 3 weeks ago

EU to warn France, Italy and more over unruly budgets

New Indian Express  

BRUSSELS: The European Union is expected on Wednesday to rebuke nearly 10 governments, including France and Italy, over their excessive spending after new budget rules entered into force this year. It comes at a particularly difficult moment for France, where both the far left and far right are piling up spending promises ahead of snap polls triggered by President Emmanuel …

EU Council adopts a plan worth 6 billion euros for Western Balkans to speed up enlargement process
8 months ago

EU Council adopts a plan worth 6 billion euros for Western Balkans to speed up enlargement process

Associated Press  

BRUSSELS — EU countries approved a plan worth 6 billion euros to support Western Balkan states on Tuesday aimed at accelerating reforms and economic growth in the region, as they seek future membership in the bloc. The Council of the European Union said the plan, which covers the period from 2024 to 2027, is expected to provide up to 2 …

EU pays the final tranche of Ukraine budget support for 2023. Future support is up in the air
1 year ago

EU pays the final tranche of Ukraine budget support for 2023. Future support is up in the air

Associated Press  

BRUSSELS — The European Union on Thursday paid the final tranche of a multibillion-euro support package to Ukraine to help keep its war-ravaged economy afloat this year, leaving the country without a financial lifeline from Europe as of next month. The EU has sent 1.5 billion euros each month in 2023 to ensure macroeconomic stability and rebuild critical infrastructure destroyed …

Poland set to get more than 5 billion euros in EU money after commission approves recovery plan
1 year, 1 month ago

Poland set to get more than 5 billion euros in EU money after commission approves recovery plan

Associated Press  

BRUSSELS — Poland is set to receive more than 5 billion euros in EU funds after the European Commission gave a positive assessment Tuesday of the country’s revised recovery plan that includes green reforms and investments. The 5.1 billion euros pre-financing is part of the bloc’s REPowerEU program aimed at helping the 27 EU nations recover from the energy crisis …

EU lawmakers approve a deal to raise renewable energy target to 42.5% of total consumption by 2030
1 year, 3 months ago

EU lawmakers approve a deal to raise renewable energy target to 42.5% of total consumption by 2030

Associated Press  

STRASBOURG, France — European Union lawmakers endorsed a deal Tuesday to raise the share of renewables in the bloc’s energy mix, another step to accelerate its green transition away from fossil fuels. The bill, adopted by a large majority — 470 lawmakers voted in favor, 120 against and 40 abstained — foresees an updated renewable energy target of 42.5% of …

Germany hails EU deal on renewable energy raising target for 2030 to 45%
1 year, 6 months ago

Germany hails EU deal on renewable energy raising target for 2030 to 45%

Associated Press  

BERLIN — Germany’s economy minister welcomed a deal Friday among European Union countries to increase by more than a third the bloc’s renewable energy target for 2030. “The new European rules will trigger an investment boom for renewables and make it legally binding,” said Economy Minister Robert Habeck, whose portfolio includes energy and climate. Under the new rules, countries that …

EU told to slash greenhouse gas emissions 90-95% by 2040
1 year, 6 months ago

EU told to slash greenhouse gas emissions 90-95% by 2040

India Today  

The European Union should commit to slash its net greenhouse gas emissions by as much as 95% by 2040, official advisers said on Thursday, as Brussels prepares a new goal to curb Europe's contribution to climate change. The European Commission is drafting what would be the EU's first legally binding emissions-cutting target for 2040, aimed at guiding the world's third-biggest …

EU reaches deal on more ambitious renewable energy targets for 2030
1 year, 9 months ago

EU reaches deal on more ambitious renewable energy targets for 2030

The Hindu  

European Union negotiators struck a political deal on Thursday on more ambitious targets to expand the use of renewable energy by 2030, an important pillar of the bloc's plans to fight climate change and end the use of Russian fossil fuels. Sweden leads the 27 EU countries with its 63% renewable energy share, while in Luxembourg, Malta, the Netherlands and …

EU reaches deal on emissions trading, social climate fund
2 years ago

EU reaches deal on emissions trading, social climate fund

Associated Press  

BERLIN — European Union governments and lawmakers reached a deal Sunday on key elements of the 27-nation bloc’s green deal, reforming the EU’s trading system for greenhouse gas emissions and creating a new hardship fund for those hardest-hit by measures to curb climate change. The EU’s executive Commission said the measure would require European industries to reduce their emissions by …

Preparing to face the looming energy crisis in winter
2 years, 1 month ago

Preparing to face the looming energy crisis in winter

Hindustan Times  

With no sign of the end of the Russia-Ukraine war in the future, Europe will likely have a hard time dealing with its energy crisis with winter approaching. With the looming energy crisis, many States have already taken steps through legislation such as incentivising citizens to use public transport, lowering their energy bills, and increasing public ownership of energy companies. …

Energy support to create €7.5 billion hole in national budget
2 years, 1 month ago

Energy support to create €7.5 billion hole in national budget

NL Times  

The government expects that its measures to keep energy bills affordable for citizens and businesses will leave a 7.5 billion euros gap in the budget it will have to close in the spring. Support for SMEs that consume a lot of energy will cost just under 1.7 billion euros. The government estimates this could cost an extra 5.8 to 9.2 …

EU ministers delay for a month decision on more energy unity
2 years, 2 months ago

EU ministers delay for a month decision on more energy unity

Associated Press  

BRUSSELS — European Union nations on Tuesday gave themselves yet another month to overcome deep differences on groundbreaking measures to shield their citizens from the energy crisis. But because fluctuating global energy markets and different energy mixes among member states — ranging from nuclear to natural gas and other fossil fuels — make smart, lightning-quick decisions wickedly difficult, “many countries, …

Germany to spend billions to tackle high energy prices
2 years, 3 months ago

Germany to spend billions to tackle high energy prices

Associated Press  

BERLIN — Germany plans to spend up to 200 billion euros helping consumers and businesses as surging energy prices due to the war in Ukraine are pushing Europe’s largest economy into a looming recession. “We have taken decisions that allow us to deal with this changed situation.” The fund, part of wide efforts across Europe to provide relief on energy …

EU proposes 5 billion euros in financial aid to war-hit Ukraine
2 years, 4 months ago

EU proposes 5 billion euros in financial aid to war-hit Ukraine

India Today  

The European Commission on Wednesday proposed five billion euros in financial aid to Ukraine, in the latest installment of a promised nine-billion-euro rescue package agreed by EU leaders in May. "The situation in Ukraine requires our full support," the commission's president, Ursula von der Leyen, said in a tweet announcing the emergency loans to Kyiv. pic.twitter.com/B60lueYl0Q — Ursula von der …

Germany announces $65bn plan to combat rising energy prices
2 years, 4 months ago

Germany announces $65bn plan to combat rising energy prices

Al Jazeera  

Several EU nations announce emergency measures to combat skyrocketing energy prices in the wake of Russia’s war in Ukraine. ‘A decisive energy blow’ In his daily video address on Saturday night, Ukrainian President Volodymyr Zelenskyy told Europeans to expect a difficult winter after Moscow shut down the Nord Stream 1 pipeline. Last week Moscow said it would keep the Nord …

EU reaches deal to ration gas amid Russian cut-off fears
2 years, 5 months ago

EU reaches deal to ration gas amid Russian cut-off fears

India TV News  

Highlights The new legislation entails voluntary national steps to reduce gas consumption An energy giant said it would limit supplies to EU through the Nord Stream 1 pipeline The energy squeeze is also reviving decades-old political tests for Europe over policy coordination European Union governments agreed Tuesday to ration natural gas this winter to protect themselves against any further supply …

Ukraine granted extra EU aid of 1 billion euros
2 years, 5 months ago

Ukraine granted extra EU aid of 1 billion euros

Associated Press  

BRUSSELS — European Union nations on Tuesday approved fresh aid for Ukraine as the country faces growing economic damage from Russia’s invasion. Finance ministers from the 27-nation EU gave the go-ahead on Tuesday to 1 billion euros in loans to the Ukrainian government. The European Commission, the EU’s executive arm, in mid-May proposed extra assistance of up to 9 billion …

EU prepares emergency plan to do without Russian energy
2 years, 6 months ago

EU prepares emergency plan to do without Russian energy

LA Times  

The European Union’s executive arm on Friday pledged to draft an emergency plan this month aimed at helping member countries do without Russian energy in the wake of the Kremlin’s war in Ukraine. European Commission President Ursula von der Leyen said the initiative would build on EU moves to ditch Russian coal, oil and natural gas and would complement a …

EU rushes out $300 billion roadmap to ditch Russian energy
2 years, 7 months ago

EU rushes out $300 billion roadmap to ditch Russian energy

Associated Press  

BRUSSELS — The European Union’s executive arm moved Wednesday to jump-start plans for the 27-nation bloc to abandon Russian energy amid the Kremlin’s war in Ukraine, proposing a nearly 300 billion-euro package that includes more efficient use of fuels and faster rollout of renewable power. “The extent to which countries really engage is going to be defining.” The German energy …

EU unveils $220bn plan to ditch Russian energy
2 years, 7 months ago

EU unveils $220bn plan to ditch Russian energy

Al Jazeera  

Brussels plans to spend $314bn by 2030 to end its dependency on Russian oil and gas imports. Taken together, Brussels expects them to require 210 billion euros in extra investments by 2027 and 300 billion euros by 2030 on top of those already needed to meet the bloc’s 2030 climate target. The Commission said some investments in fossil fuel infrastructure …

EU cuts forecast for economic growth as war’s fallout widens
2 years, 7 months ago

EU cuts forecast for economic growth as war’s fallout widens

Associated Press  

BRUSSELS — The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies. The EU’s gross domestic product will expand 2.7% this year and 2.3% in 2023, the bloc’s executive arm said Monday — its first economic predictions since Russia invaded Ukraine …

EU unveils tough climate rules, eyes tax on foreign firms
3 years, 5 months ago

EU unveils tough climate rules, eyes tax on foreign firms

Associated Press  

BRUSSELS — The European Union unveiled sweeping new legislation Wednesday to help meet its pledge to cut emissions of the gases that cause global warming by 55% over this decade, including a controversial plan to tax foreign companies for the pollution they cause. European Commission Executive Vice-President Frans Timmermans said that by failing to act now, “we would fail our …

European Union unveils tough climate proposal, including new taxes on foreign firms
3 years, 5 months ago

European Union unveils tough climate proposal, including new taxes on foreign firms

LA Times  

European Commission President Ursula von der Leyen, center, and other commission officials announce plans for new emissions rules at a news conference in Brussels on Wednesday. ”The principle is simple: emission of CO 2 must have a price, a price on CO 2 that incentivizes consumers, producers and innovators to choose the clean technologies, to go toward the clean and …

EU nations approve a dozen pandemic recovery plans
3 years, 5 months ago

EU nations approve a dozen pandemic recovery plans

The Hindu  

approved the pandemic recovery plans of the bloc's four biggest economies and eight other member countries Tuesday, a move seen as a bellwether for an economic revival from the unprecedented recession caused by the coronavirus pandemic. In the case of France, which is to get some 40 billion euros USD 47.3 billion from the pandemic recovery fund, that would amount …

EU nations approve a dozen pandemic recovery plans
3 years, 5 months ago

EU nations approve a dozen pandemic recovery plans

Associated Press  

BRUSSELS — European Union nations approved the pandemic recovery plans of the bloc’s four biggest economies and eight other member countries Tuesday, a move seen as a bellwether for an economic revival from the unprecedented recession caused by the coronavirus pandemic. In the case of France, which is to get some 40 billion euros $47.3 billion from the pandemic recovery …

EU raises €20 billion in 10-year bond to fund virus recovery
3 years, 6 months ago

EU raises €20 billion in 10-year bond to fund virus recovery

Associated Press  

BRUSSELS — The European Commission said on Tuesday it has raised €20 billion through a 10-year bond as part of its plans to finance the 27-nation bloc’s recovery from the coronavirus crisis. EU Commission president Ursula von der Leyen said the inaugural transaction of the NextGeneration EU program is the largest ever institutional bond issuance in Europe. Von der Leyen …

EU lawmakers OK $815 billion recovery program
3 years, 10 months ago

EU lawmakers OK $815 billion recovery program

Associated Press  

BRUSSELS — European Union lawmakers on Wednesday approved a 672.5 billion euro recovery package of loans and grants to help member nations recover more quickly from the coronavirus pandemic, but countries will not receive the money for several months. The European Parliament voted 582-40, with 69 abstentions, in favor of the regulation for the Recovery and Resilience Facility, the central …

Germany agrees to amend energy law to boost renewables
4 years ago

Germany agrees to amend energy law to boost renewables

Hindustan Times  

Germany’s ruling coalition has agreed changes to a new energy law that aims to boost renewable power and help the country meet its goal of producing 65% of its electricity from green sources by 2030, parliamentary sources told Reuters. The energy law is now expected to go before a parliamentary committee on Tuesday ahead of votes in the lower house …

No deal in sight; EU leaders haggle over budget, virus fund
4 years, 5 months ago

No deal in sight; EU leaders haggle over budget, virus fund

Live Mint  

European Union leaders hunted for compromises Saturday on the second day of a summit to reach a deal on an unprecedented 1.85 trillion euro EU budget and coronavirus recovery fund, with tensions running high among leaders weary after months of battling the pandemic. Austrian Chancellor Sebastian Kurz said Saturday afternoon that there was “movement in the right direction,” the Austria …

EU plans to raise $825 billion for coronavirus relief
4 years, 7 months ago

EU plans to raise $825 billion for coronavirus relief

CNN  

London CNN Business — The European Commission has proposed giving hundreds of billions of euros to EU countries that have seen their economies devastated by the coronavirus pandemic, an unprecedented relief effort designed to ensure parts of the bloc aren’t left behind when the recovery comes. “We all understand the crisis is so huge we have to take unusual steps …

The EU is still divided over coronavirus relief. That could tear it apart
4 years, 7 months ago

The EU is still divided over coronavirus relief. That could tear it apart

CNN  

London CNN Business — A fight over how to fund the European Union’s recovery from the coronavirus pandemic is stoking tensions between wealthier and poorer countries, threatening to delay the region’s economic rebound and unleash political and financial forces that could pull the bloc apart. If we have another asymmetric recovery, then it will be very bad for the EU.” …

Germany and France propose 500 billion euro EU recovery fund
4 years, 7 months ago

Germany and France propose 500 billion euro EU recovery fund

CNN  

London CNN Business — Germany and France unveiled an initiative Monday aimed at rescuing the European Union from the toughest crisis in its history and bridging the deep national divisions that have stalled progress on a pandemic recovery fund. After meeting via videoconference, German Chancellor Angela Merkel and French President Emmanuel Macron proposed the creation of a recovery fund worth …

France and Germany back €500bn fund to help save EU
4 years, 7 months ago

France and Germany back €500bn fund to help save EU

The Telegraph  

France and Germany have proposed a €500bn recovery fund for struggling European Union economies as they battle to quell bitter infighting over the bloc's halting response to the Covid-19 catastrophe. Under new plans presented by French president Emmanuel Macron and German chancellor Angela Merkel, the 27 EU members would borrow jointly on financial markets to offer grants rather than loans …

EU agrees budget, recovery plan needed to beat virus impact
4 years, 8 months ago

EU agrees budget, recovery plan needed to beat virus impact

Associated Press  

BRUSSELS — European Union leaders agreed Thursday to revamp the EU’s long-term budget and set up a massive recovery fund to tackle the impact of the coronavirus and help rebuild the 27-nation bloc’s ravaged economies, but deep differences remain over the best way to achieve those goals. “There is only one instrument that can deliver this magnitude of task behind …

A trillion euros
4 years, 11 months ago

A trillion euros

Wired  

Via POLITICO EUROPE: Commission President Ursula von der Leyen on Monday in Luxembourg committed to raising, by 2030, €1 trillion for the fight against climate change. “Climate change is an enormous challenge, so we have to think and act big,” Commission Executive Vice President Valdis Dombrovskis told Playbook, admitting that today will present the first credibility test for the new …

European Commission will give 100 million euros to help EU nations lower emissions
5 years ago

European Commission will give 100 million euros to help EU nations lower emissions

Firstpost  

They hope that it will help EU nations that stand to be hit the hardest by the transition to cleaner industries. To get everyone on board with her plan to combat global warming, European Commission President Ursula von der Leyen wants to put up 100 billion euros to help EU nations that still heavily rely on fossil fuels transition to …

Germany unveils $60 billion climate crisis plan
5 years, 3 months ago

Germany unveils $60 billion climate crisis plan

CNN  

London CNN Business — Germany unveiled a 54 billion euros package over the next four years to speed up the country’s transition to renewable energy and reduce carbon emissions. As tens of thousands took to the streets of Berlin and other major cities around the world to demand urgent action to tackle the climate crisis, Germany’s coalition government unveiled a …

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