EU Raises 2030 Renewable Energy Target from 40% to 45%

[Image source=Yonhap News]

[Asia Economy Reporter Park Byung-hee] The European Union (EU) Commission plans to propose a new energy policy on the 18th that will increase the share of renewable energy use from the current 40% to 45% by 2030, Bloomberg News reported on the 10th (local time), citing officials.

This policy is being promoted as part of a plan to reduce the use of Russian fossil fuels. The EU plans to completely stop using Russian fossil fuels by 2027.

The EU intends to accelerate the development of renewable energy, reduce energy consumption, and diversify energy supply sources to rapidly reduce dependence on Russian fossil fuels.

An official explained that under the new energy policy to be prepared by the EU Commission, the EU could reduce gas imports by 80 billion euros annually, and oil and coal imports by 12 billion euros and 1.7 billion euros respectively.

The new policy will include plans to produce 10 million tons of renewable hydrogen and 35 billion tons of biomethane each by 2030, and to increase renewable hydrogen imports to 10 million tons.

Since new investments require funding, the EU also plans to consider utilizing the Innovation Fund. The Innovation Fund operates based on revenues from the sale of EU carbon emission allowances.