Investments of more than half a trillion euros will be needed to modernise Europe's energy grid this decade, if countries are to succeed in ramping up wind and solar power to break free from Russian gas, a draft EU document showed.
Reducing greenhouse gas emissions by 55% and reaching a share of 45% renewables in 2030 can only happen if the energy system is ready for it," the draft said, referring to the EU's climate targets.
EU countries are largely responsible for their national energy policies, although the EU offers funding for cross-border energy projects and has urged countries to channel cash from the bloc's huge COVID-19 recovery fund into making energy systems greener.
Stay informed:Â Hydrogen Networks
Â
Â