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The European Commission aims to increase the share of electricity in the overall energy consumption of the European Union to 46% by 2040, compared to about 23% currently. This nearly doubles the current rate. This target comes amid regional tensions that have led to rising oil and gas prices, with the EU relying on importing more than 80% of its gas and over 90% of its oil. To achieve this goal, widespread adoption of electric vehicles is required, along with replacing gas boilers with heat pumps, electrifying industrial processes, and updating energy grids. These efforts will necessitate investments of hundreds of billions of euros, which could reduce fossil fuel import bills by up to 260 billion euros annually by 2040.
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