The EU Wednesday launched ambitious plans to better coordinate and integrate the energy policies and projects of the 28 EU member states.
Presenting the strategy at a press conference, Maros Sefcovic, the European Commission Vice-President responsible for the Energy Union said "today, we launch the most ambitious European energy project, a project that will integrate our 28 European energy markets into one Energy Union, make Europe less energy dependent and give the predictability that investors so badly need to create jobs and growth." "Today, we set in motion a fundamental transition towards a low-carbon and climate-friendly economy, towards an Energy Union that puts citizens first, by offering them more affordable, secure, and sustainable energy," he declared.
On his part, Miguel Arias Canete, EU Commissioner for Climate Action and Energy told the joint press conference that "today we have set the course for a connected, integrated and secure energy market in Europe. Now, let's make it happen. After decades of delay, we will not miss another opportunity to build an energy union." The EU's executive body in a statement explained that the Energy Union is based on the three objectives of EU energy policy: security of supply, sustainability and competitiveness.
The EU is the largest energy importer in the world, importing 53 percent of its energy, at an annual cost of around 400 billion euro. Over 1 trillion euro needs to be invested into the EU energy sector by 2020 alone, it noted.