The EU agrees to raise renewable energy targets by 2030 and accelerate the shift away from fossil fuels

In response to President Vladimir Putin’s massive invasion of Ukraine, the EU has committed to weaning itself off Russian fossil fuels by 2027.

Christian Charisius | AFP | Getty Images

The European Union is poised to increase its 2030 renewable energy targets and accelerate its move away from fossil fuels as the bloc seeks to quickly cut emissions and reduce its reliance on Russia.

European Council and Parliament negotiators on Thursday reached a tentative deal to source 42.5% of the 27-nation bloc’s energy from renewable technologies such as wind and solar by the end of the decade, according to MEP Markus Pieper called via twitter.

Pieper described the agreement as “a good day for Europe’s energy transition”.

The deal is called to include an additional “indicative top-up” of 2.5% to allow the block to reach a 45% stake. It is intended to replace the EU target of 32% renewable energy by 2030 in the Renewable Energy Directive, which has been in force since December 2018.

The proposal now has to be approved by the representatives of the EU member states in the Council and then in the Parliament. Such agreements are typically given with minimal changes.

The EU has announced that it will be carbon neutral by 2050. In the medium term, it wants to reduce net greenhouse gas emissions by at least 55% by 2030, which the EU calls its “Fit for 55” plan.

First unveiled in July 2021, the Fit for 55 package aims to align the EU’s climate and energy regulatory framework with the goal of climate neutrality by 2050.

Russia’s massive invasion of Ukraine since February 2022 and a subsequent energy crisis have fundamentally changed the region’s energy landscape in recent months. Bloc lawmakers have come under pressure to reconcile the region’s goals with this new reality.

In response to President Vladimir Putin’s hostilities in Ukraine, the EU has committed to weaning itself off Russian fossil fuels by 2027.

Research published In late February, independent energy think tank Ember showed that the projected EU installation rate of so-called clean energy technologies is on track to exceed expectations in its Fit for 55 package.

Ember analysts warned that by sticking to a low target, the EU risks destroying “the momentum” of its energy transition.

The burning of fossil fuels such as coal, oil and gas is the main driver of the climate crisis.

— CNBC’s Anmar Frangoul contributed to this report.

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