EU Reportedly Plans 2040 Electrification Goal, Incentives to Cut Oil, Gas Reliance

The European Union plans to introduce a broad package of policies and funding measures to accelerate electrification across its economy, including a bloc-wide target for electricity's share of energy consumption by 2040, news outlets reported on Thursday, citing a draft proposal. In an emailed response to, an EU spokesperson declined to comment on the plans, but confirmed that the Commission will present the Electrification Action Plan next Friday. The strategy, due to be published on July 17, is part of the EU's response to the energy market disruption caused by the war in Iran, which has added 50 billion euros ($57.2 billion) to the bloc's oil and gas import bill since late February, The draft does not specify the 2040 electrification target. The Commission estimates faster electrification could replace two-thirds of the EU's gas demand and halve oil consumption, cutting the bloc's fossil fuel import bill by 200 billion euros by the end of the next decade. The draft outlines measures to speed the adoption of.