Study: The abandonment of Russian gas will cost Europe another 203 billion euros

Climate research center Ember and Global reported that the European Union estimates the projected costs of cutting its dependence on Russian natural gas at billions of euros, unless it can accelerate its transition to renewable energy.

Stopping dependence on Russian gas will cost the European Union € 203 billion in additional energy spending by 2030 at current prices, according to the centre’s estimates, and it is expected that tale cost will rise to 250 billion euros in absence of a plan to diversify supplies and promote renewable energy sources.

For its part, the EU executive arm intends to promote energy saving and renewables targets as part of a € 195 billion plan to end its dependence on Russian fossil fuels by 2027.

The European Commission is also expected to propose increasing its 2030 clean energy target to 45% from the current 40% when it launches a package to implement its RePowerEU strategy on May 18, according to Bloomberg.

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