EU to put €250 Billion Savings From Lower Russian Fuel Use to Supercharge its Climate Transition

EU has weaned itself off Russian fuel already, about four years earlier than planned in 2027, saving about €250 billion, said Ursula von der Leyen, president of the European Commission.

The savings will be used to help speed the EU’s net-zero transition, she said. [CarrZee: this is weird as the private sector spends the money on fuels]

EU sets out four new pillars:

  1. Regulatory environment …including Net Zero Industry Act, Raw Materials Act …level playing field globally and within EU
  2. Funding — tweaked state aid, Repower, InvestEU, Innovation Fund, new EU Sovereignty Fund – expansion of EU financial instruments
  3. Skills – better labor market needed because of skills shortages
  4. Trade: she mentioned closer ties with Mexico [CarrZee: I read this as North America], Chile [South America], New Zealand, Australia

“We are on a knife’s edge” and there is a risk people will give in to despair: Frans Timmermans, EU climate commissioner

The divides between rich and poor, young and old have become too wide, he said.

Climate Pact event on now here.

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