EU Commission Draft Proposes Policies and Financing to Cut Oil and Gas Reliance

The European Commission is preparing a package of policies and financing measures aimed at reducing the European Union's dependence on oil and natural gas and accelerating the electrification of the EU economy, according to 36Kr.

A draft proposal said the Commission plans to formally publish the package on July 17. The draft also sets a goal for at least a certain share of the EU's total energy consumption to come from electricity by 2040, though it does not specify the percentage as the proposal is still being developed. The plan would include measures to speed the shift from gasoline and diesel cars to electric vehicles, promote electric heat pumps to replace gas boilers in homes, and electrify industrial processes such as replacing fossil-fuel furnaces with electric furnaces.