You are here: Home » International » News » Economy
UAE's Minister of Tolerance inaugurates Dubai's new Hindu temple
Morocco, Saudi Arabia vow to strengthen bilateral trade cooperation
Business Standard

EU ministers agree to include energy self-sufficiency in recovery plans

The Ministers of Finance and Economic Affairs of the EU member states, meeting in Luxembourg, agreed to include energy self-sufficiency in their national recovery and resilience plans

Topics
European Union | Energy | Economic recovery

IANS  |  Brussels 



european union
Photo: Reuters

The Ministers of Finance and Economic Affairs of the EU member states, meeting in Luxembourg, agreed to include self-sufficiency in their national recovery and resilience plans.

REPowerEU, a plan proposed by the European Commission in May, aims at strengthening the Union's strategic autonomy by diversifying supplies, thus weaning the bloc off its dependency on Russian fossil fuels. It also aims to boost saving and the production of clean energy.

"In practical terms, the proposal seeks to add a new REPowerEU chapter to EU member states' national recovery and resilience plans (RRPs) under NextGenerationEU (the EU's package) in order to finance key investments and reforms, which will help achieve the REPowerEU objectives," according to the EU Council on Tuesday.

An additional 20 billion euros ($19.9 billion), originating 75 per cent from the Innovation Fund and 25 per cent from frontloading EU Emission Trading System (ETS) allowances, will be included in the Resilience and Recovery Fund's financial envelope.

The allocation key related to the distribution of the extra 20 billion euros will include factors such as cohesion policy, member states' dependence on fossil fuels and the increase in investment prices, Xinhua news agency reported.

The REPowerEU proposal will now have to be discussed by the European Commission, the European Parliament and the European Council.

--IANS

int/khz/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Wed, October 05 2022. 10:18 IST

RECOMMENDED FOR YOU

.