EU to provide nearly €300bn to help move away from Russian energy

The EU can replace Russian fossil fuels with supplies from other countries, switching to clean power and by saving energy, European Commission President Ursula von der Leyen says.

The EU will provide nearly €300bn to help Europe move away from Russian energy – about €72bn in grants and €225bn in loans, she says.

The investments will include €10bn for gas infrastructure, €2bn for oil, and the rest for clean energy, von der Leyen says.

The commission is proposing raising its target for energy from renewable sources by 2030 from 40% to 45%, von der Leyen adds.

She also proposes providing up to €9bn in further aid to Ukraine this year.

Von der Leyen also says it is time to think about rebuilding Ukraine whenever the war ends, adding the EU has “a strategic interest in leading this reconstruction effort” but that it should not be the only contributing party.

“That is why we propose a reconstruction platform as part of this plan jointly led by Ukraine and the commission and bringing together EU member states, other bilateral or international donors, international financial institutions, and other like-minded partners,” she says.