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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia (412 Views)
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EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia by sapientia(m): 10:24pm On May 20, 2022 |
The European Union plans to invest up to €300 billion to reduce its dependence on Russian fossil fuels, the European Commission announced. The European Union intends to mobilize up to €300 billion ($316 billion) by 2030 to become independent of Russian energy imports, European Commission President Ursula von der Leyen said on Wednesday. https://www.dw.com/en/eu-unveils-300-billion-plan-to-reduce-its-energy-dependency-on-russia/a-61838801 |
Re: EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia by sapientia(m): 10:24pm On May 20, 2022 |
This is almost half of Russia foreign reserve 1 Like 1 Share |
Re: EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia by pol23: 6:11am On May 21, 2022 |
To what end will you go? Well,we’re all observing. Renewable energy is the best option…. But that doesn’t come cheap. |
Re: EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia by mojounited(m): 8:36am On May 21, 2022 |
The EU and Russia seem to be playing chess game on oil/gas pipelines . Every nation is just looking out for herself. While Europe reduces the volume of gas procurement, China, India, Pakistan, Turkey and Indo Pacific Nations will surely increase its off-take of whatever gas Europe isn't buying from Russia. The concerns in Europe will keep growing; Russia and China have agreed to a 30 year gas supply deal. Gazprom is already building the "Power of Siberia 2" Gas Pipeline which will connect to Yamal Gas Pipeline that already supplies Europe. https://amp.interestingengineering.com/russia-gas-pipeline-to-china https://www.reuters.com/world/asia-pacific/exclusive-russia-china-agree-30-year-gas-deal-using-new-pipeline-source-2022-02-04/ What this means is, whatever amount of gas European Homes and Industries in Poland, Bulgaria, Finland, Lithuania, etc. aren't off-taking, China, a gas hungry nation, will keep increasing and swallowing the cheap Russian gas to further industrialise its economy. Question is, if EU fails to get cheaper gas / energy supplies elsewhere, how will products from EU compare with those from Asia? It wouldn't be surprising if companies in Europe start moving East for cheap gas and labour in order to stay competitive. https://www.voanews.com/amp/power-of-siberia-2-pipeline-could-see-europe-china-compete-for-russian-gas-/6402242.html There is feasibility study that started some years ago to pipe gas from Russia to India. Although the project was abandoned in 2021 due to politics and costs, however, due to various sanctions against Russia by the collective west, the pipeline may be revisited. https://www.dailypioneer.com/2022/india/wang-for-russia-china-india-gas-pipeline.html It seems Russia is fully ready to turn to China, India and Indo Pacific nations for its energy markets. 3 Likes |
Re: EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia by sapientia(m): 9:19pm On May 21, 2022 |
mojounited: Do you actually believe that China and India market can replace Europe? Can china buy what only Germany is buying? You guys talk as if these EU countries became very rich by being stagnant 1 Like 1 Share |
Re: EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia by Drenimarcus(m): 11:58pm On May 21, 2022 |
I cannot wait to see how this turns out. Russia gas funding Asia and US gas funding EU. One is cheaper and cleaner and through pipes, the other is through shipping, liquifying and very expensive too. Let the game begin! 4 Likes 1 Share |
Re: EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia by gambojimeta: 2:25am On May 22, 2022 |
pol23:Who knows. Europe is big on renewable and even getting bigger and improving on it. Everytime I fly over Germany, the number of windmills (especially those constructed in the ocean) keeps getting larger in number. I don't think they will keep sinking money into projects with BCR less than 1. 1 Share
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Re: EU Unveils €300 Billion Plan To Reduce Its Energy Dependency On Russia by VictorUSA(m): 6:37am On May 22, 2022 |
The war in Ukraine is gradually changing things.When the renewable energy comes to use, the Russians will drink their oil. 1 Like |
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