A plan to make Europe the first electro-continent
The Commission has unveiled a new electrification action plan aimed at speeding up the shift from fossil fuels to electricity in Europe across industry, transport and buildings. The goal is to make Europe the world’s first “electro-powered” continent by aiming to increase electrification from today’s 23% of energy use to 46% by 2040. By reaching this goal, the EU could save €260 billion per year in fossil fuel imports. The new plan proposes a series of measures that will help reduce the price gap between electricity and fossil energy costs and by incentivising the uptake of cleaner, electricity-based technologies such as heat pumps, electric vehicles and batteries, among others.
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