The European Commission's REPowerEU plan, launched in May 2022, aims to transform Europe's energy landscape by reducing dependence on Russian fossil fuels and boosting renewable energy production. This strategic move was provoked by the energy crisis triggered by Russia's invasion of Ukraine, which exposed the EU's vulnerability to disruptions in energy supplies. esgnews.com.
After the invasion, the EU drastically reduced its dependence on Russian energy imports.
"Almost half of gas imports into the EU come from Russia. Now only 15% of gas imports come from Russia, thanks to sanctions and efforts to find alternative sources," the European Commission notes.
The EU banned seaborne imports of Russian crude oil, refined petroleum products and coal, significantly reducing Russian gas imports and paving the way for future Russian energy independence.
Increasing energy security
To prevent energy shortages, the EU introduced a system to fill up gas storages before winter. In 2022, member states agreed to fill underground gas storage to 80% of capacity by November, surpassing that target and reaching 95%. By mid-August 2023, the target was again met, demonstrating a coordinated effort to secure energy supplies.
This proactive approach ensures that by the end of the winter heating season in April 2024, gas storage levels are at a record 59% of total capacity.
"We are better prepared and more united than ever," the European Commission stressed, reflecting Europe's resilience against energy supply shocks.
Accelerating the transition to clean energy
The transition to renewable energy sources is another important focus of REPowerEU. For the first time in 2022, Europe produced more electricity from wind and solar than from gas. The renewable energy sector has seen significant growth with a record 96 GW of new solar capacity and 33 GW of new wind capacity installed since the start of the plan.
"We have doubled solar energy production since 2019," the Commission highlighted, pointing to the success of these initiatives in reducing carbon emissions and promoting green jobs.
The revised Renewable Energy Directive, in force from November 2023, set an ambitious target of increasing the share of renewable energy to 42,5% by 2030, with the potential to reach 45%.
Financing the future
To support these transformative changes, the European Commission is mobilizing nearly €300 billion through the Recovery and Resilience Facility (RRF). Additional grants and resources from the Brexit Adjustment Reserve and the sale of Emissions Trading System (ETS) allowances further strengthened financial support for REPowerEU.
The REPowerEU plan represents a critical step towards achieving a more sustainable, secure and independent energy future for Europe. By reducing dependence on external energy sources and investing in renewable energy, the EU is leading efforts towards a greener and more sustainable energy landscape.