The EU’s European Commission on Wednesday announced a plan to completely wean itself off of Russian energy imports by 2027 that will cost the bloc $220 billion.
Under the plan, the EU would work to import more non-Russian gas, accelerate plans to use more renewable energy, and put in more effort to save energy. “We are taking our ambition to yet another level to make sure that we become independent from Russian fossil fuels as quickly as possible,” EU Commission President Ursula von der Leyen said.
The $220 billion includes $90 billion for investments in renewable, $30 billion for power grids, $59 billion for energy saving and heat pumps, and $27 billion for hydrogen infrastructure. The EU would also invest $10 billion for gas infrastructure and $2.1 billion for oil infrastructure.
The EU has already agreed to ban the import of Russian coal, which is set to take effect in August, but is struggling to pass a ban on Russian oil due to strong objections from Hungary. Under the EU’s proposed oil ban, EU countries would have until the end of 2022 to get off Russian oil, except for Hungary and Slovakia, which would have until the end of 2023.
But the extra year extension is not good enough for Hungary, a country very reliant on Russian oil. Hungarian officials have said the EU hasn’t offered a plan to offset the cost of banning Russian oil to Hungary’s economy.
The EU’s phasing out of Russian energy will have a significant impact on Europe’s economy no matter how it’s done. It’s estimated that the EU imports about 40% of its gas from Russian and 27% of its oil, with some countries, such as Germany and Hungary, more reliant on Russian energy than others.
By 2025 the entire amount of Russian energy exports will be contracted to China and Europe will be a cold dark black hole.
1.Powers that be want to keep the masses cold and hungry in order to control them and herd them into their globalist agenda.
The utter ignorant childishness of these hacks knows no bounds. They bowed to pressure from their Green Parties, and decommissioned nuclear power plants, forcing them to rely on Russian natural gas, now they are going to “ween themselves off that” by what? The energy market is global; absent massive new sources of supply (which MIGHT be available, if Europe embraced fracking, but they won’t) it’s a zero sum game; supply=demand, and if Europe only buys from “good people”, then everyone else will happily buy what they need from “bad people” if the alternative is doing without. So supply chains rearrange; everyone pays more for the disruption, and the net effect on Russia is nothing.
What’s missing is exactly where Europe intends to purchase its gas supplies FROM. Good for Hungary for holding out; I guess it’s leaders don’t wish for their people to freeze to death next winter. Some governments actually appear to care about the welfare of their residents.
Anyone here in Amerikkka notice the recent 30 cent-per gallon spike in gasoline? This is because Bye-Done is giving OUR gas reserves to f*cking Europe rather than using them to bring our own prices down!
What the f*ck is wrong with this picture?
Oh, and the stock market bottomed out again yesterday. Kiss your investments goodbye.
It is only a matter of time until we see a revolution in US…!
Not until they get hungry enough. Until then it’s a foreign problem to the average American.
There won’t be enough bread and peanut butter by the time this is over.
They will buy it from Russia, but not directly. That allows them to save face at a large premium in money-changing and middle-man costs.
Good luck with that Ursula. With inflation soaring and major recession on the horizon, she wants to make it an honest to god, soup-line, apple venders, hobo-homeless, depression. Ditzy blondes now have their latest champion.
Ursula von der Leyen is the Nancy Pelosi of US except she has a longer name…!
Heat Pumps do not work well in Europe climate unless they are equipped with auxiliary electric resistant heating strips… So much about Energy Savings…!
Bureaucrat magic: type it on a word processor & it will ‘magically’ happen.
The only way is if they turn back to nuclear energy, which will be years too late. Otherwise they will buy laundered Russian energy. They all will either pay rubles for energy, work through cut-outs, or open an account at Gazprom bank and convert euros to rubles. Working through cut-outs or money-changers will increase the cost unnecessarily. US LNG imports will be on par cost-wise with the laundered Russian energy.