Europe could disassociate itself from Russian gas before 2028 if it allocates 811,000 million to green energies

The European Union could completely cut itself off from its dependence on Russian gas and replace it with renewable electricity and heat pumps in 2028 with an investment of approximately 811,000 million euros, according to a study published Tuesday by the Oxford Sustainable Finance Group, belonging to the Smith School.

Oliver Thansan
Oliver Thansan
08 May 2023 Monday 16:39
917 Reads
Europe could disassociate itself from Russian gas before 2028 if it allocates 811,000 million to green energies

The European Union could completely cut itself off from its dependence on Russian gas and replace it with renewable electricity and heat pumps in 2028 with an investment of approximately 811,000 million euros, according to a study published Tuesday by the Oxford Sustainable Finance Group, belonging to the Smith School. of Enterprise and the Environment at the University of Oxford.

This amount includes the 299,000 million euros of investment in clean energy that, according to the authors, Europe is already going to allocate, taking into account the measures adopted in the European Green Pact. This means that the additional investment needed to reach the goal of becoming independent from Russian gas in 2028 would be 512,000 million euros, 70% more than the effort currently being made.

The study highlights that beyond the investment effort involved in what has been called the race to replace, the main uncertainties lie in the need to expand European ambition to develop green technologies.

Specifically, the report points out, the need for governments to "prioritize as soon as possible the removal of bureaucratic and regulatory barriers to the development of green technologies", in addition to supporting the rapid implementation of technologies such as heat pumps. .

“While the current RePowerEU plans and the Industrial Plan suggest a way forward; the opinion of this study is that these should be expanded to ensure that green technology can be implemented as quickly as possible”, he concludes.