European Commission President Ursula von der Leyen said the EU will spend 300 billion euros on a green transition to gradually reduce dependence on energy supplies from Russia.
The European official’s statement was made in a speech during her participation today, Monday, at the 17th International Strategic Forum in Bled (Slovenia).
“The European Union will allocate 300 billion euros through a special initiative called REPowerEU to achieve a green transformation and end the era of Russian fossil fuels in Europe,” she said.
The official added that the European Commission, amid an acute energy crisis, is preparing for an emergency structural reform of the European electricity market, noting that this step will restore the balance of the market.
“High electricity prices in the European Union have shown all the weaknesses of the EU electricity market, so the European Commission is working on a plan for urgent structural reform of the EU electricity market,” said von der Leyen. “We need new electricity.” a market model that works and balances the European economy.”
Source: RIA Novosti