RepowerEU financing agreed

Innovation Fund will supply €12bn, with €8bn coming from early auctions of ETS allowances

The Council of the EU and the European Parliament have reached a provisional agreement on the inclusion of RepowerEU proposal measures into member states’ national recovery plans. The European Commission unveiled RepowerEU in May as a response to Russia’s war on Ukraine to speed up the energy transition and diversify energy supplies away from Russia. The plan aims to reduce the demand for Russian gas by 35pc by 2030 compared with 2019. €20bn – Additional grants from Commission RepowerEU will provide EU member states with up to €300bn ($320mn) to achieve this. Most of the money will come from unspent loans from the Covid-19 Recovery and Resilience Facility, as well as reallocated mone