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EU leaders endorse $321B plan to replace Russian fossil fuels

EconomyEU leaders endorse $321B plan to replace Russian fossil fuels

Brussels (The Times Groupe)- European leaders endorsed on Tuesday the European Commission’s $321 billion plan to replace Russian fossil fuels.

The European Commission‘s President, Ursula von der Leyen, praised the decision to end “the dependency on fossil fuels as soon as possible” during a press conference following the two-day special EU summit.

Specifically, the REPowerEU plan intends to branch out from Russian fossil fuels through joint purchases, to secure gas supplies through better interconnections, and to generate a “massive investment in renewable energy.”

She said that the European Commission is proposing to “support it with 300 billion euros in EU funding” after discussions with EU leaders.

Earlier this year, EU leaders reached a political agreement on the sixth set of sanctions against Russia, which includes banning 90% of Russian oil imports by the end of the year.

The European Commission’s chief noted that Russia’s attack on Ukraine is “a stark reminder of the need to strengthen EU defense capabilities.”

According to her, the European Commission will set up a task force to coordinate military investments in order to avoid duplication, and will also support joint procurements from the EU’s budget.

In addition, Von der Leyen welcomed Sweden and Finland’s applications to join NATO, saying that the “strongest military alliance in the world” will “benefit greatly from their presence.”

The 27 EU heads of state and government also discussed the effects of war on global food supplies.

According to Charles Michel, president of the European Council, the EU supports measures to “avert this potentially serious crisis for a number of countries that can adversely affect Africa but also Europe.”

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