Home Stock Market EU might revisit renewable targets in push to give up Russian power -Timmermans By Reuters

EU might revisit renewable targets in push to give up Russian power -Timmermans By Reuters

EU might revisit renewable targets in push to give up Russian power -Timmermans By Reuters

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© Reuters. FILE PHOTO: Vice President of the European Fee, Frans Timmermans, gestures throughout the Assembly of Faculty of Commissioners on the European Parliament in Strasbourg, France, 18 January 2022. Julien Warnand/Pool through REUTERS/File Picture

By Aidan Lewis

CAIRO (Reuters) – The European Union might set extra bold targets for its transition to renewable power because it seeks alternate options to imports of oil and fuel from Russia, EU local weather coverage chief Frans Timmermans stated on Sunday.

The EU’s 27 member states have agreed to collectively scale back their web greenhouse fuel emissions by 55% from 1990 ranges by 2030, a step in direction of “web zero” emissions by 2050.

Following Russia’s invasion of Ukraine in February, the European Fee has additionally proposed that Europe lower imports of Russian fuel by two-thirds this 12 months, and is drafting plans to section them out by 2027.

The Fee is because of suggest a “Repower EU” plan in Might for a way the bloc can give up Russian fossil fuels.

“What we are going to do within the subsequent couple of weeks is figure in direction of what I name the Repower EU initiative, and as a part of that we need to speed up the power transition. So in that context we would revisit our targets,” Timmermans instructed reporters throughout a go to to Cairo.

Such a revision would imply a “larger proportion of renewable power for 2030,” Timmermans stated, declining to giving figures for potential new targets.

Below current plans, the EU would increase the share of renewable power to 40% of ultimate consumption by 2030.

Egypt, which is able to host the COP27 local weather convention in November and which re-exports Israeli fuel from liquified (LNG) terminals on its Mediterranean coast, might assist the EU diversify its fuel imports, Timmermans stated.

“If we are able to get different LNG within the area – and we are going to see which quantities can be obtainable from Israel – that may be a superb method,” he stated.

“The core of what I am providing is a long-term strategic relationship that begins with LNG then rapidly strikes additionally into renewables, particularly hydrogen,” he added.

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