EU Eyes 2040 Electrification Target to Slash Oil and Gas Dependence

AI Summary

The European Commission plans to announce a 2040 electrification target aimed to reduce fossil fuel dependency and boost renewable energy across the EU. The initiative is part of the EU's strategy to become the first 'electro-continent' through increased energy consumption from electrification.

The European Commission is set to unveil next week an electrification target for 2040 in a bid to reduce the need for fossil fuels and strengthen the renewable energy sector in the EU, according to a draft proposal seen by Bloomberg News. The Commission, the EU’s legislative arm, is expected to propose on July 17 a target for the share of electrification, still unspecified, as part of the energy consumption in the bloc by 2040. “With decisive action at all levels, Europe can become the first electro-continent,” the European Commission…