Brussels [Belgium], July 18: The European Commission has unveiled a new electrification action plan aimed at speeding up the shift from fossil fuels to electricity in Europe across industry, transport and buildings. The goal is to make Europe the world's first "electro-powered" continent by aiming to increase electrification from today's 23% of energy use to 46% by 2040. By reaching this goal, the EU could save €260 billion per year in fossil fuel imports.
The benefits of moving to electrification include reducing dependence on imported fossil fuels, which will make Europe more independent and competitive, and reduce vulnerability to geopolitical shocks; modernising and decarbonising Europe's energy system, which will help accelerate the green transition; bringing benefits for European consumers because driving a battery-electric vehicle can save up to 78% compared to an equivalent fossil-fuelled car. Switching from gas boilers to heat pumps cuts the average EU household's heating bill by up to 60%.
However, several challenges still need to be addressed. Electricity often costs three times more than gas. Grid connections can take years. Too many innovative technologies never reach commercial scale. Companies have too little incentive to make the switch from fossil fuels to electricity.
The new plan address all of these challenges. It does so by proposing a series of measures that will help reduce the price gap between electricity and fossil energy costs and by incentivising the uptake of cleaner, electricity-based technologies such as heat pumps, electric vehicles and batteries, among others.
Source: Emirates News Agency
