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EU plans 2040 electrification target to cut gas and oil use
A draft European Commission proposal put forward July 17 would aim to replace two-thirds of EU gas consumption and halve oil use by 2040.
The European Commission is expected to unveil next week a 2040 electrification target designed to reduce the EU’s reliance on fossil fuels and to bolster the region’s renewable energy sector, according to a draft proposal reviewed by Bloomberg News.
The Commission plans to propose July 17 an electrification share target that remains unspecified, as part of its plan for how energy is consumed across the bloc by 2040.
Provisional European Commission estimates cited in the draft suggest higher electrification could enable the EU to replace about two-thirds of its gas consumption and cut oil consumption by half by 2040.
The draft also projects that reduced fossil fuel use could lower the EU’s energy import bill by a total of $228 billion (200 billion euros), while noting the EU electrification rate is around 23% and has been flat for nearly a decade.