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"Putin will fail": EU chief von der Leyen holds annual State of the European Union address | DW News

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European Commission President Ursula von der Leyen laid out plans to combat the energy crisis and the ongoing response to Russia in her annual State of the European Union speech on Wednesday.

Von der Leyen announced a cap on the revenues of electricity production companies and a crisis contribution from fossil fuel producers. She said the measures will raise an additional €140 billion (140 billion USD).

The EU chief criticized past subsidies for fossil fuels, and called for greater investment in renewable energy. To this end, she announced an additional €3 billion euros to help build a future hydrogen market.

She said it was crucial that the EU rid itself of the dependency on Russian oil and gas. Since the Russian invasion, imports of Russian now make up just 9% of EU imports, down from a previous 40%.

Amid praise for the EU's rapid response to the Ukraine crisis, von der Leyen furthermore stressed that the EU's support for Ukraine will remain "unshakeable".

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Category
Europe
Tags
DW News, European Union, Ursula von der Leyen
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