BRUSSELS — The European Commission on Wednesday unveiled a 210 billion euro plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy.
The measures include a mix of EU laws, non-binding schemes, and recommendations to governments in the EU’s 27 member countries, who are largely in charge of their national energy policies. Those investments include 86 billion euros for renewable energy and 27 billion for hydrogen infrastructure, 29 billion euros for power grids and 56 billion euros for energy savings and heat pumps.
Brussels wants countries to finance the measures using the EU’s coronavirus disease 2019 recovery fund, which contains more than 200 billion euros of unspent loans. The Commission will also sell extra carbon market permits from a reserve over the next few years to raise 20 billion euros. Some analysts warned that could dampen carbon prices, undermining the price signal to shift to low-carbon energy.
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