European Commission President Ursula von der Leyen announced on Wednesday that the EU would raise its renewable energy targets and invest billions of euros in clean energy in a bid to break away from Russian oil and gas imports. Consumers will pay a price, however, with the EU’s plan including energy rationing and compulsory solar panels on homes.
A new world order.
However, some of the immediate costs will be borne by consumers. According to the European Commission’s website, households and industry will be required to make “behavioral changes” – such as turning down air conditioning and switching off lights – to reduce demand for oil and gas by 5%. Furthermore, commercial and public buildings will be required to install rooftop solar panels by 2025, with these panels to be made mandatory on residential buildings by 2029.
With consumers across the EU already grappling with skyrocketing inflation and record fuel prices, Russian President Vladimir Putin said on Tuesday that European countries are committing economic “suicide” by trying to wean themselves off Russian oil and gas, accusing them of caving to pressure “from their American overlord” without “paying any attention to the damage that they have already caused their own economy.”
