Historically, the REPowerEU plan was initiated by the European Commission, having seen the impact of Russia's invasion of Ukraine which is currently causing chaos, hardship, and energy disruption globally.
The REPowerEU plan is strategized to target energy conservation, clean energy production, decentralization of energy supplies, and many others. Moreso, a lot of financial and legal measures have been put in place to construct the new energy infrastructural system that Europe needs.
REPowerEU actions are meant to restructure and exponentially increase the clean energy transition as well as push for the total elimination of fossil fuel usage and unreliable suppliers from the international energy market- such as Russia's fossil fuel supply. Total independence from Russia's fossil fuel energy market is proposed to happen before 2030 as about 85% of Europeans have the mindset that the European Union should come together and create a workable means in order to rapidly decrease the Russian oil and gas dependency in order to further strengthen their support for Ukraine. Currently, the EU is working with its international allies on a fossil fuel energy supply alternative as quickly as possible while planning and strategizing on total green energy transition.
To accelerate clean energy transition, renewables are targeted as they are the cheapest and most sustainable energy with the fact that they can be produced locally thereby limiting energy imports and dependency on fossil fuel energy supply. To support this, the EU has been spurring massive investments on related energy projects as well as encouraging Industries and transport systems to go for fossil fuel substitutes. Furthermore, the EU 2030 renewables target of 40% has been brought up for amendment as the Commission is proposing a 5% increment to the previous target. The plan will increase the total capacity of renewable energy generation from the 1067GW 2030 plan to 1236GW.
As part of the REPowerEU plan, the EU Solar Energy Strategy will as well boom the photovoltaic energy application. Over 320 GW of Solar PV is projected to be operational by 2025, more than double its current installations, and also about 600 GW by 2030 as the Solar energy strategy kicks in.
Financing REPowerEU: a €210 billion investment needs to be added to the already implemented energy bill so as to completely remove dependency on Russian oil and gas imports. Other REPowerEU financing sources include Policy funds, innovation funds, private investments, public incentives, and others.
Ways to Ensure the Progress of the REPowerEU Plan
The US, Canada, as well as Norway Liquified natural gas (LNG), supplies increase
Deepening the relationship with
Azerbaijan, mostly on the Southern Gas Corridor as well as Australia, and some major producers in the Gulf.
Legal agreements with Egypt and Israel on gas supplies so as to encourage LNG deliveries.
Awakening the conversation with Algeria on energy matters
Research on the export potential of some oil-producing countries in Africa such as Nigeria, Senegal, and Angola.
Alignment with other gas buyers such as Japan, China, and Korea
Generally, The EU will continue to engage with some known International fora such as G7, G20, OPEC, and the IEA, in order to strengthen their stake in the global oil markets.
In conclusion, The REPowerEU plan will facilitate further expansion of the renewable energy sources market including that of Solar PV, hasten the green energy transition in Europe as well as encourage the saving of energy by users.