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The European Union plans to set a new target to increase the reliance on electricity for energy consumption by 2040, as part of a strategy to reduce dependence on oil and gas and to strengthen the clean tech market. The European Commission will announce the plan on July 17, with the possibility of incorporating the goal into legislation after 2030. The aim is to cover two-thirds of gas demand and cut oil consumption by half, saving approximately $228 billion in fossil fuel imports by the end of the decade. The plan also seeks to enhance energy security and reduce carbon emissions, with a focus on upgrading power grids through projects valued at €584 billion.
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