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EU urged to set 2040 renewable energy goals to cut fossil fuel imports

Spain, Portugal, and Luxembourg said the EU should speed up clean energy expansion to reduce exposure to geopolitical disruptions affecting oil and gas supply.

Reported · Written up by our desk · Energy Transition

Spain, Portugal, and Luxembourg have called on the European Union to adopt renewable energy targets for 2040, arguing the bloc should accelerate its clean energy rollout.

According to OilPrice, the nations said faster renewable deployment would help reduce dependence on imported fossil fuels, which they linked to geopolitical disruptions to oil and gas supply.

OilPrice cited the consequences of the Strait of Hormuz blockage as an example of how geopolitical uncertainty can disrupt energy markets.

The outlet reported the three EU countries urged the EU to act quickly in setting the longer term renewable targets.

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