EU readies €195bn plan to quit Russian gas, oil, and coal

Goals under discussion include a target for a 45% share of renewable energy by 2030, replacing the current 40% proposal.

Moscow imposed sanctions on European subsidiaries of state-owned Gazprom a day after Ukraine stopped a major gas transit route. File Picture.

The European Commission plans to unveil a €195bn plan to stop importing Russian fossil fuels by 2027, combining a faster rollout of renewable energy and energy savings with a switch to alternative gas supplies, draft documents show.

The draft measures, which could change before they are due to be published next week, include a mix of EU laws, non-binding schemes, and recommendations national governments could take up, including by revising their plans to spend the EU's huge Covid-19 recovery fund to free up more funding for the energy transition.