EU to map out escape route from Russian fossil fuels on Wednesday By anilpanchal7 Europe RussianFederation Oil NewsTrading RiskAppetite
the pivot away from Moscow to quicken its shift to green energy, per Reuters.To wean countries off those fuels, Brussels will propose a three-pronged plan: a switch to import more non-Russian gas, a faster rollout of renewable energy, and more effort to save energy, according to draft documents seen by Reuters.
Taken together, Brussels expects them to require 210 billion euros in extra investments - which the EU plans to support by freeing up more money for the energy transition from its COVID-19 recovery fund, and which would ultimately reduce the billions of euros Europe spends on fossil fuel imports each year.crude oil prices to regain $111.00 during otherwise quiet hours of early Asian session on Wednesday.
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