EU plans 300-billion-euro investment to quit Russian fossil fuels

Conference on the Future of Europe, in Strasbourg
European Commission President Ursula von der Leyen speaks during a news conference in Strasbourg, France, May 9, 2022. Ludovic Marin / Pool via REUTERS

BRUSSELS, May 18 (Reuters) - The European Union intends to mobilise up to 300 billion euros of investments by 2030 to end its reliance on Russian oil and gas, European Commission President Ursula von der Leyen said on Wednesday.

The investments will include 10 billion euros for gas infrastructure, 2 billion euros for oil, with the rest for clean energy, von der Leyen told reporters, adding that Brussels was also proposing higher legally-binding EU targets for renewable energy and energy savings by 2030.

"RePowerEU will help us to save more energy to accelerate the phasing out of fossil fuel 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."

Reporting by Kate Abnett Editing by John Chalmers

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