The European Commission is set to propose an electrification target for 2040, arguing that widespread adoption of electric technologies could save roughly €200 billion in fossil fuel imports by 2040, cut fossil fuel demand and greenhouse gas emissions, according to an internal document seen by Euronews.
The EU spent an additional €50 billion on fossil fuel imports in just 111 days to offset the loss of imported oil and gas from the critical Strait of Hormuz since 28 February, reinforcing the economic and industrial case for faster electrification, according to the Commission.
While a concrete target is still to be redacted, the 34-page draft document, which may still change before its publication on 17 July, argues that recent geopolitical shocks, including the latest Middle East conflict, have exacerbated Europe's ongoing vulnerability to imported oil and gas.
"(The European Commission will) propose an electrification target of [X]% of final energy consumption by 2040, enshrined in EU legislation as part of the Energy Union package for the decade ahead," reads the document.
Brussels is preparing to unveil sweeping energy reforms in response to renewed geopolitical tensions in the Middle East, which have deepened the energy crisis that began in 2022. Its long-awaited Electrification Action Plan aims to reduce Europe's reliance on imported fossil fuels while strengthening industrial competitiveness.