The European Commission will outline its Clean Industrial Deal on Wednesday, which aims to cut tens of billions of euros from fossil fuel import bills in 2025.
Some of the measures include speeding up the permit process for sustainable energy projects, changing tariff structure on energy, and increasing subsidies for renewables.
“The fact that the US is now moving away from the green agenda… does not mean that we would do the same. The opposite. It means that we need to step forward,” said EU energy commissioner Dan Jorgensen.
The new energy rules would help renewable energy companies struggling with cheap foreign imports and sluggish demand.
Another aim of the Clean Industrial Deal is for 40% of renewable energy technology, like wind turbines, to be produced inside the European Union. It will also shift the burden of some sustainability regulations away from small and medium-sized business onto larger polluters.
EU forecasts tens of billions in savings
An EU executive analysis estimated that this will save the bloc €45 billion ($47.3 billion) in import costs, while also supporting energy infrastructure inside the bloc. Those savings should rise to €130 billion annually by 2030.
“They (renewable energy projects) also entail a lot of investments, that goes without saying. But we have to remember that it’s also expensive not to do anything,” Jorgensen said in an interview with Reuters.
“So we save money by not buying fuel from outside,” he said.
Although EU fossil fuel use dipped significantly during the COVID-19 pandemic, it skyrocketed in 2022 after the Russian invasion of Ukraine and the decreasing availability of Russian natural gas.
Europe is also facing threats from US President Donald Trump, who told the bloc to buy more American fuel or face tariffs.
Edited by Zac Crellin
