European Parliament to vote policy to ensure shift to renewable energies

The members of the European Parliament will vote on the financial leg of ‘REPowerEU’ on Wednesday, a policy to ensure security of energy supply and a transition to renewable energies in reaction to the Russian invasion of Ukraine.

The initial European Commission proposal would allow practically any fossil fuel investments under the guise of “guaranteeing the short-term security of supply”. The European Parliament’s amended text did insert safeguards to this initial proposal, but would still allow extensive fossil gas investments, notably new LNG infrastructure.

Ironically coinciding with the Finance Day at COP27 in Egypt, this loophole would be in stark contradiction to the imperative to end all fossil fuel subsidies as soon as possible.