Renewable Energy for Europe (REPowerEU) is a plan developed by the European Union to accelerate the deployment of renewable energy sources in Europe and support the EU's transition to a sustainable, low-carbon economy. The plan includes a set of initiatives and policies designed to promote the development and use of renewable energy technologies, such as wind, solar, hydro, geothermal and biomass, in Europe. The ultimate goal of REPowrEU is to provide affordable, secure and sustainable energy for Europe, while reducing greenhouse gas emissions and enhancing energy independence.
In March 2023, the EU agreed to develop legislation to increase its capacity to produce energy from renewable sources, raising the EU's binding 2030 target to 42.5%, with the ambition to reach 45% - so almost will double the existing share of energy from renewable sources in the EU. Scaling up and accelerating the use of renewable energy sources in power generation, industry, buildings and transport will contribute to our independence, drive the green transition and lower prices over time.
The REPowerEU plan requires large-scale investment and reforms. We are mobilizing nearly €300 billion — around €72 billion in grants and nearly €225 billion in loans. The Recovery and Resilience Facility is at the core of this funding. This will include around €10 billion for missing gas and LNG connections so that no member state is left out in the cold, and up to €2 billion for oil infrastructure to end the shipping of Russian oil. The rest of the funding (95% of it) will go towards accelerating and expanding the transition to clean energy.
Europe is currently investing in clean energy and energy independence like never before through the coordinated European response under REPowerEU.
EU countries have agreed to limit spikes in gas prices to help protect citizens and the economy. Gas deals will be subject to a price cap when and if gas prices reach exceptionally high levels.
REpowerEU is not just an initiative; this is our path to a sustainable future. With this program, the European Union sets ambitious goals to accelerate the transition to renewable energy, to improve energy efficiency and to reduce our dependence on Russian fossil fuels.
Now is the time when we, as a society, must come together and support these efforts. Our actions today will determine our tomorrow. The recovery from COVID-19 offers us a chance to build a greener and more sustainable world. 🌱🌏
