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:
- Regulatory environment …including Net Zero Industry Act, Raw Materials Act …level playing field globally and within EU
- Funding — tweaked state aid, Repower, InvestEU, Innovation Fund, new EU Sovereignty Fund – expansion of EU financial instruments
- Skills – better labor market needed because of skills shortages
- 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.