The European Union’s finance ministers reached a consensus on how to finance and distribute the 20 billion euros ($19. 8 billion) necessary to lessen the bloc’s reliance on imports of Russian energy on Tuesday in Luxembourg.
The talks are being led by Czech Finance Minister Zbenik Stangora, who stated in a news release that “today we made a huge step towards strengthening the European Union’s independence from Russian fossil fuels.”
Valdis Dombrovskis, European Commissioner for Economic Affairs, stated in a tweet that this will “help improve European energy security and battle rising energy prices by investing swiftly in what counts most.”
Ministers concurred today that the funds should be raised by utilising the Innovation Fund of the European Union and selling carbon dioxide emissions permits to industries earlier than anticipated.
The €20 billion raised is a part of a €300 billion loan and grant programme proposed by the European Commission as a long-term solution to the high cost of energy in the European Union as a result of the conflict in Ukraine.
Finance ministers from the EU concur to “fund energy initiatives.”
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