FT learned the cost of the EU’s refusal from Russian energy carriers
An accelerated EU withdrawal from Russian energy sources will cost an additional €195 billion An accelerated transition to clean energy sources and, accordingly, a faster withdrawal of Russian energy supplies will cost the EU an extra €195 billion, the European Commission has calculated
The EU will need spend an additional €195 billion over the next five years to phase out Russian energy and accelerate the energy transition to cleaner energy sources, according to The Financial Times, citing European Commission calculations.
The document contains proposals for a “rapid reduce dependence on Russian fossil fuels by accelerating the transition to clean energy sources and joining forces to create a more sustainable energy system, as well as a true Energy Union».
In particular, the EC considers it necessary to accelerate the reduction of energy consumption by 2030— immediately by 13%, and not by 9%, as previously suggested. In addition, it is necessary to accelerate the introduction of clean energy, so that by 2030 it covers 45% of all energy consumption (the previous goal is 40%).
The European Commission project also involves a more active installation of solar panels— with their number doubling from today's level by 2028, as well as the increased use of heat pumps, geothermal and solar thermal energy. They believe that it is necessary to accelerate the installation of wind farms.
The document also proposes to expand the use of hydrogen and biomethane.
EC proposals may be revised before the date of publication— May 18.
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The EU has decided to accelerate the abandonment of Russian energy sources, in particular oil and gas, against the backdrop of an operation in Ukraine. At the end of March, EU High Representative for Foreign Affairs and Security Policy Josep Borrell suggested that European countries would be able to refuse Russian gas within two years.
The head of the European department of the International Monetary Fund (IMF), Alfred Kammer, argued that European countries will be able to do without Russian gas for six months, a longer refusal of supplies is fraught with a significant impact on the economy. According to IMF forecasts, a complete cessation of gas supplies from Russia could cost the EU economy 3% of GDP.
As for the refusal of oil supplies, The Wall Street Journal reported that, as part of the sixth sanctions package now being prepared, the EU intends to abandon purchases of oil from Russia within six months, oil products— by the end of the year.
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