The EU is investing 300 billion euros to phase out Russian fossil fuels
The European Union intends to mobilise up to 300 billion euros of investments via 2030 to quit its reliance on Russian oil and gas, European Commission President Ursula von der Leyen said on Wednesday.
The investments will consist of 10 billion euros for fuel infrastructure, 2 billion euros for oil, with the rest for clean energy, von der Leyen informed reporters, including that Brussels was once additionally proposing greater legally-binding EU objectives for renewable power and power savings by way of 2030.
"RePowerEU will assist us to keep extra strength to speed up the phasing out of fossil gasoline and, most importantly, to kickstart investments on a new scale," she said. "So I would say this will be the speed-charging of our European Green Deal."
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