The European Union has a €300B plan to drop Russian fossil fuels.

The EU Commission submitted a €300B plan to eliminate Russian energy imports by 2027, reported EuroActiv. However,, EU officials admitted, that this would require short-term investments in new fossil fuel infrastructure to replace Russian oil and gas imports. Combined with green legislation already on the table, the new plan, dubbed REPowerEU, will help Europe save €100B each year on gas, oil, and coal imports, the EU executive said. The plan has three major elements: energy savings, boosting renewables, and diversifying Europe’s suppliers. It includes new proposals to raise the EU’s renewable energy target to 45% by 2030, up from the 40% target tabled last year, and increase the energy efficiency target from the 9% goal in July 2021 to 13%. It also proposes making solar panels mandatory for public and new residential buildings by 2025 and 2029, respectively.