The European Commission is pushing for a new, all-encompassing strategy to support member states in their energy transition, as the bloc faces its second energy shock in the last few years.
The AccelerateEU plan has already been published, but the Commission is revising it to make it more effective. “Europe faces yet another fossil energy crisis. This must be a wake-up call and a turning point – when Europe steps away from fossil fuel dependence, and steps towards clean energy autonomy,” said Dan Jørgensen, Commissioner for Energy and Housing.
The plan aims to raise cooperation and coordination among member states, with the refilling of underground gas storage as a priority. To facilitate knowledge, the Commission will set up a new Fuel Observatory to monitor production, imports, exports, and stock levels of transport fuels, keeping reserves at optimal levels, anticipating potential shortages, and monitoring fuel prices.
For more immediate help, the Commission will also create a State Aid Temporary Framework that provides greater flexibility for member states to support economic sectors affected by this crisis. Other targeted measures for private citizens and for businesses are also under consideration.
However, the current situation made the Commission confident in moving forward with plans for a green transition. “We must accelerate the shift to homegrown, clean energies. This will give us energy independence and security, and mean we are better able to weather geopolitical storms,” said the President of the Commission, Ursula von der Leyen. Also, Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition, underlined this aspect: “once again, citizens and businesses are paying the price of our dependency. This communication aims at reinforcing EU coordination and protecting the most vulnerable while accelerating deployment of homegrown clean energy and electrification to make a real and lasting difference.”
To that end, the Commission will also present its Electrification Action Plan, which seeks to remove barriers to the electrification of several key sectors affected by rising fuel costs. Plus, the Commission will work on network charges and taxation to lower taxes on green energy compared to fossil fuels in order to incentivise its adoption. The transition will be funded with EU money, some of which is already available through the Recovery and Resilience Facility and cohesion policy funds. However, investments will also come from the private sector, and the plan is to hold a Clean Energy Investment Summit to bring together interested stakeholders from the private business world.
