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

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

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 that there would be a cap on electricity production company’s revenues and that fossil fuel producers would contribute to the crisis. She said the measures will raise an additional EUR140 billion (140 billion USD).

EU chief criticised past subsidies for fossil fuels and called for more investment in renewable energy. She announced additional EUR3 billion to support the development of a hydrogen market.

She stated that it was vital for the EU to end its dependence on Russian oil. Since the Russian invasion, imports of Russian now make up just 9% of EU imports, down from a previous 40%.

Von der Leyen praised the EU’s quick response to the Ukraine crisis and stressed that their support for Ukraine will not be shaken.

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Jeff Brown Investor