Russia’s war against Ukraine has given new impetus to the need for Europe’s energy autonomy. During the informal meeting of EU leaders on 10 and 11 March, the Versailles Declaration was agreed, outlining Europe’s energy independence objectives. The European Commission unveiled its REPowerEU proposal to phase out reliance on Russian gas supplies by two thirds by the end of the year and to become independent from all Russian fossil fuels by 2027.
The acceleration of phasing out fossil fuels fits into the EU’s broader climate goals, but how will this transition to greener alternatives be financed? And with skyrocketing energy prices, will windfall tax measures and short-term price regulations be enough to protect consumers and businesses from the shortfall?
In this expert briefing for members, CEPS experts will discuss the latest developments and look ahead to what this means for the EU longer term.