EU Shift Away from Russian Oil And Gas To Cost $220 Billion

The European Union’s plan to reduce imports of Russian oil, gas, and coal to zero by 2027 will cost it some $220 billion (210 billion euros), according to a draft plan cited by Reuters. The three pillars of the plan include switching to other oil and gas suppliers, expanding wind and solar generation capacity, and reducing energy consumption, the document showed. The money, according to plans, will come from the EU’s Covid-19 recovery fund, which is already bound to renewable energy commitments by member states. Ultimately, the plan…