European Commission says an additional 210 billion euros will be needed over the next five years to finance the phase-out of Russian fossil fuels. The EU plans a "massive" expansion of solar and wind energy and a short-term boost for coal to end its dependence on Russian oil and gas as soon as possible.

In a plan unveiled on Wednesday, the European Commission said the EU would need to raise an additional €210 billion (£178 billion) over the next five years to fund the phase-out of Russian fossil fuels and accelerate the shift to green energy.

Senior officials acknowledged that phasing out Russian gas would mean more coal and nuclear energy in the short term. The plan, drawn up in response to the Kremlin-ordered invasion of Ukraine and the subsequent rethinking of Europe's dependence on Russian gas, calls for improving the EU Green Deal, the EU's flagship effort to combat the climate crisis. The commission has proposed that 45% of the EU's energy mix come from renewables by 2030, a step up from the 40% target proposed less than a year ago. Officials also want to reduce energy consumption by 13% by 2030 (compared to 2020), compared to a 9% cut in the current proposal.

"It is clear that we have to put an end to this dependency, and much faster than we foresaw before this war," said Frans Timmermans, the EU official in charge of the Green Deal. In contrast to the call for €210 billion in new energy infrastructure, including wind farms and solar plants, he said the EU spends €100 billion a year on Russian fossil fuels. "Accelerating the transition means that the money stays in Europe, can lower the energy bills of European families, and is not used to finance this barbaric war in Ukraine," he said.

In summary:
The EU expansion and increase of investment in green energy, as the result of the actions of Russia, will allow E2 energy to start more projects regarding green energy and create/generate more sustainable energy for the world's citizens.