The European Commission has introduced a new Electrification Action Plan aimed at raising electricity’s share of final energy consumption to 46% by 2040. The initiative is expected to reduce the EU’s annual fossil fuel import bill by nearly $298 billion (€260 billion) while strengthening energy security and accelerating the clean energy transition.
The strategy focuses on expanding electric vehicles, heat pumps, and industrial electrification, alongside major investments in modernizing power grids. EU officials believe the plan will help lower emissions, cut reliance on imported oil and gas, and improve long-term energy affordability across member states.
Reference: ESG News