EU Aims to Reduce Reliance on Russian Fossil Fuels with Renewable Energy Transition
In response to the invasion of Ukraine, the European Union (EU) has initiated measures to decrease its dependence on Russian fossil fuels and accelerate the shift towards renewable energy sources. The European Commission has outlined a proposal stating that approximately 170 billion cubic meters (bcm) of Russian gas could be replaced by 480 gigawatts (GW) of wind capacity and 420 GW of solar capacity by the year 2030. To facilitate this transition, a comprehensive plan is currently being drafted, expected to be released in May. This plan will outline the specific strategies and actions required to achieve these ambitious goals.
A key focus of the plan will be on the development of solar energy. Efforts will be made to streamline permitting processes that have previously hindered solar installations, as well as to support an increased number of solar power purchase agreements. Additionally, the plan aims to bolster Europe's solar manufacturing capacity, contributing to the growth of the industry across the continent. Through these targeted initiatives, the EU aims to accelerate the adoption of renewable energy and reduce its reliance on Russian fossil fuels.
