Putin dealt major blow as EU cash cow agrees £17bn boost to fund for quitting Russian gas

Instead of being recycled in the carbon market, the fund diverts the cash towards renewable energy, energy-saving renovations, and projects to help the bloc decarbonise. Now, this fund is set to grow bigger. 

As the clean energy sourses and other green innovations will allow the industries to use up less gas, it means the bloc will not need to purchase the same volume of the fossil fuel it currently receives from Russia. 

EU member states and the European Parliament all need to give a formal seal of approval before the deal comes into effect next year. Zbyněk Stanjura, the Czech Finance Minister who represented the 27 EU member states in the negotiation, said that the deal will “enable us to finance the necessary investments” to diversify energy supplies and speed up the EU’s phase-out of Russian fossil fuels. 

It comes as the bloc continues to hand cash to the Kremlin, despite the brutal onslaught Putin’s troops are unleashing on their European neighbours. Peter Liese, a German centre-right MEP, said: “We paid more than the Russian military budget since the war started. And we need to get rid of this.”

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Article source: https://www.express.co.uk/news/science/1710120/putin-eu-gas-carbon-market-permits-repowereu