The European Commission presented its REPowerEU plan on May 18, 2022, proposing to mobilise close to €300 billion to reduce dependence on Russian fossil fuels and accelerate Europe’s clean-energy transition.

In her statement on the proposals, Commission President Ursula von der Leyen put the funding at approximately €72 billion in grants and €225 billion in loans. The plan combines energy savings, more diverse energy supplies and faster deployment of renewables.

The initiative responds to the energy-security risks exposed by Russia’s full-scale invasion of Ukraine. Proposed measures include faster permitting for renewable-energy projects, an EU Solar Strategy and a higher 2030 renewable-energy target of 45%, up from the proposed 40%.

The Commission estimates that an additional €210 billion in investment will be needed by 2027. The Recovery and Resilience Facility is intended to play a central role in financing the transition.

Read more at European Commission. Additional reporting: European Movement Ireland.