The European Commission has unveiled plans to reduce the EU’s expenditure on importing fossil fuels by €45 billion in 2025 as part of a broader strategy to support European industry.
On Wednesday, the Commission will propose a series of measures aimed at accelerating the transition to renewable energy and supporting eco-friendly industries. These proposals include streamlining the permitting process for renewable energy projects, revising energy tariff regulations, increasing state aid for green industries, and offering more flexibility in electricity generation.
According to the European Commission’s analysis, these measures could help reduce the EU’s spending on imported oil and gas by €45 billion in 2025, with potential annual savings of up to €130 billion by 2030.
Most of these savings are expected to stem from the rapid expansion of renewable energy and enhanced energy efficiency, both of which will reduce the demand for oil and gas in EU countries.
Energy resource purchases in Europe have varied significantly in recent years. The EU’s spending on fossil fuel imports dropped to €163 billion in 2020 during the COVID-19 lockdown but surged to €604 billion in 2022 after Russia cut gas supplies, causing prices to spike.
