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Green energy replaces Russian gas in 2028 – EU project calls for an investment of 811 billion euros
10:39 - 10/05/2023

The European Union could replace Russian gas with green technologies by 2028 with a total capital expenditure of 811 billion euros, according to a report by the Oxford Group.

The report, titled "The race to replace: The economics of using renewables to rid Europe of Russian gas", calculates the cost of completely replacing Russian gas for heating and electricity with clean energy.

Russian gas accounted for around half of the EU's gas supplies in 2021, with its share falling to 12.9% by the end of 2022, following the EU's response to Russia's war in Ukraine in an attempt to ended dependence on Russian gas by 2028.

The total spending of 811 billion euros to replace Russian gas with green technologies includes planned spending of 299 billion euros on clean energy as part of the European Green Deal and an additional investment of 512 billion euros in renewable energy and heat pumps. .

Up to 90% of the additional investment required "could be recouped over the next thirty years by eliminating the need to buy gas", the report said, although it found policy changes are needed to enable the transition.

The report found that public and private funding is essential to achieve an improvement in the large-scale deployment of renewables and heat pumps, auctions for wind and solar projects, while also addressing permitting challenges. It also revealed the need for rooftop solar panels and increased support for insulation and heat pump installation.

The EU is estimated to have paid about 5 billion euros for Russian gas in the first four months of 2023, according to the Center for Energy and Clean Air Research.

By eliminating dependence on fossil fuel imports with volatile prices and supply, the EU can alleviate energy security concerns, address the cost of living crisis through energy costs and advance its goals to achieve net emissions zero and to tackle the climate crisis.

Dorina Kurtaj / SCAN

https://scantv.al/energjia-e-gjelber-zevendeson-gazin-rus-ne-2028-projekti-i-be-kerkon-nje-investim-prej-811-miliarde-euro/

Note: Its a good chance to hide 4B into those 811B