EU Needs €811bn to End Dependence on Russian Gas by 2028
The European Union (EU) needs €811bn to end its dependence on Russian gas by 2028, according to a report by the Oxford Sustainable Finance Group. The EU has implemented the RePowerEU plan, which includes emergency measures to eliminate the need for Russian gas, and the report states that 90% of the €512bn required for renewable energy and heat pumps will eliminate the need to purchase gas in the next 30 years. To achieve these investments, public and private funds are available. The report also notes that the transition to clean energy will alleviate energy security concerns and address the cost of living crisis while achieving net-zero emissions targets.