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EU could revisit renewable targets in push to quit Russian energy -Timmermans

Commodities Apr 10, 2022 05:45PM ET
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© Reuters. FILE PHOTO: Vice President of the European Commission, Frans Timmermans, gestures during the Meeting of College of Commissioners at the European Parliament in Strasbourg, France, 18 January 2022. Julien Warnand/Pool via REUTERS/File Photo

By Aidan Lewis

CAIRO (Reuters) - The European Union may set more ambitious targets for its transition to renewable energy as it seeks alternatives to imports of oil and gas from Russia, EU climate policy chief Frans Timmermans said on Sunday.

The EU's 27 member states have agreed to collectively reduce their net greenhouse gas emissions by 55% from 1990 levels by 2030, a step towards "net zero" emissions by 2050.

Following Russia's invasion of Ukraine in February, the European Commission has also proposed that Europe cut imports of Russian gas by two-thirds this year, and is drafting plans to phase them out by 2027.

The Commission is due to propose a "Repower EU" plan in May for how the bloc can quit Russian fossil fuels.

"What we will do in the next couple of weeks is work towards what I call the Repower EU initiative, and as part of that we want to accelerate the energy transition. So in that context we might revisit our targets," Timmermans told reporters during a visit to Cairo.

Such a revision would mean a "higher percentage of renewable energy for 2030," Timmermans said, declining to giving figures for possible new targets.

Under existing plans, the EU would raise the share of renewable energy to 40% of final consumption by 2030.

Egypt, which will host the COP27 climate conference in November and which re-exports Israeli gas from liquified natural gas (LNG) terminals on its Mediterranean coast, could help the EU diversify its gas imports, Timmermans said.

"If we can get other LNG in the region - and we will see which amounts will be available from Israel - that might be a good approach," he said.

"The core of what I'm offering is a long-term strategic relationship that starts with LNG then quickly moves also into renewables, especially hydrogen," he added.

EU could revisit renewable targets in push to quit Russian energy -Timmermans
 

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Comments (6)
Ken Chao
Ken Chao Apr 11, 2022 5:44AM ET
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no mention about.how.much can.get from isreal or renewable.source, difficult to judge the effect, let alone logistics and mechanisms, how fast can transition be?
Тони Chuk
Тони Chuk Apr 11, 2022 3:19AM ET
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Kelly Mayer
Kelly Mayer Apr 10, 2022 6:37PM ET
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Russia will just dump the EU faster than they can blink. Ridiculous how the EU thinks they hold all the power. Brace yourselves for a reality check.
John Berry
John Berry Apr 10, 2022 6:37PM ET
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Russia losing 40% of their energy exports is a pretty big hit on them.. Sorry EU holds all the power
Karam Rajeh
Karam Rajeh Apr 10, 2022 6:36PM ET
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lol as if buying from israel does any better. At this point, buying russian gas and funding them is better than funding israhell
Roger Miller
Roger Miller Apr 10, 2022 5:56PM ET
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Do to the higher cost of alternative energy, these proposals may enhance energy security but it will be paid for by higher energy prices, effectively locking in higher energy prices we are seeing now.  The elites can afford it, but can the poor?
Stan Smith
Stan Smith Apr 10, 2022 5:43PM ET
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HMMM..."We will look back at current events and realize that they marked the change from a dollar-based global economy underwritten by financial assets to commodity-backed currencies. We face a change from collateral being purely financial in nature to becoming commodity based. It is collateral that underwrites the whole financial system."
Roger Miller
Roger Miller Apr 10, 2022 5:43PM ET
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True.  Basically going back to a gold standard, although now instead of gold it will be oil and other commodities.
Brad Albright
Brad Albright Apr 10, 2022 5:43PM ET
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You are going to spend oil at Walmart?
 
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