Importantly, under its Fit-for-55 strategy, the EU is committed to lowering carbon emissions by at least 55% by 2030. Moreover, against the backdrop of Russia’s horrific ongoing war against Ukraine, the EU has pledged to become independent from Russian fossil fuels well before 2030 under its REPowerEU plan.
The European Commission estimates that reaching the Fit-for-55 and REPowerEU objectives requires an average annual investment of € trillion over the years 2021-30. [2] That estimate would add around € billion to the level of annual investment in climate and energy security seen in the previous decade.