EC proposes stronger energy efficiency, renewable targets for 2030

The European Commission unveiled a more detailed plan May 18 to diversify its supplies of energy away from Russia and to accelerate the expansion of clean energy.

The EC's REpowerEU initiative included stronger targets to cut energy use and accelerate the rollout of renewable energy technologies over the next eight years.

"Energy savings are the quickest and cheapest way to address the current energy crisis," European Commission President Ursula von der Leyen said in a speech in Brussels.

"We will therefore increase the EU energy efficiency target for 2030 from 9% to 13%. And we are increasing the 2030 target for EU renewable energy from 40% to 45%," von der Leyen said.

The EC proposed a raft of actions to speed up the transition to clean energy, including faster permitting procedures for renewables and associated infrastructure such as power grids.

The EC also proposed a "solar rooftop obligation" for commercial and public buildings by 2025 and for new residential buildings by 2029.

The EC also proposed an operational way forward to implement its recently unveiled platform for the joint purchase of natural gas, LNG and hydrogen, with a joint procurement mechanism and a joint outreach to supplying countries, von der Leyen said.

The joint system aims to secure the EU's necessary energy imports while avoiding competition between member states.

To fund its plans, the EU will mobilize almost Eur300 billion ($315 billion), of which Eur225 billion will be loans and Eur72 billion as grants.

Around Eur2 billion would be earmarked for oil infrastructure with a view to halting the shipment of Russian oil, von der Leyen said.

The EC's new measures seek to replace imports of Russian fossil fuels on three fronts: on the demand side by saving energy; on the supply side by diversifying imports; and by accelerating the clean energy transition.