The European Union plans to introduce a raft of policies and funding schemes to shift more of its economy to run on electricity, instead of oil and gas, a draft European Commission proposal seen by Reuters showed.
The draft plan, which the Commission is due to publish on July 17, is part of the EU's response to the Iran war's energy fallout, which sent oil and gas prices soaring in import-heavy Europe. Since late February, the war has added €50 billion ($57.11 billion) to the EU's oil and gas import bill, according to EU data.
In response, Brussels plans to set a target for a minimum percentage of the EU's energy consumption - across the entire economy - to run on electricity by 2040, according to the draft, which was still being developed and did not include a specific percentage.
Faster electrification would mean a bigger shift from petrol and diesel cars to electric vehicles, replacing gas boilers with heat pumps in homes, and electrifying industrial processes - for example, by switching to furnaces powered by electricity, rather than fossil fuels.
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