The European Commission has presented a new Electrification Action Plan aimed at accelerating the shift from fossil fuels to electricity across industry, transport and buildings.
The objective is to increase the share of electricity in EU energy consumption from the current 23% to 46% by 2040. According to the Commission, achieving this target could reduce fossil fuel imports by around €260 billion per year, while strengthening Europe’s competitiveness, energy security and decarbonisation.
The plan includes measures to narrow the price gap between electricity and fossil fuels, speed up the deployment of smart meters and reduce the upfront costs of technologies such as heat pumps, electric vehicles and batteries. It also provides for action to accelerate the development of European electricity grids, support innovative electrification solutions and invest in skills and employment.
At the same time, the Commission announced a review of the EU Emissions Trading System (EU ETS) to adapt it to the evolving geopolitical and economic context.
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