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Or sign-in if you have an account.By accelerating electrification, Europe could replace two-thirds of its gas demand and halve oil consumption, lowering its fossil fuel import bill by 200 billion euros. Photo by Alexander Koerner/Getty ImagesThe European Union wants to propose an electrification goal for the next decade as part of a plan to strengthen the local market for clean technologies and help shift the bloc away from fossil fuels.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe European Commission, the bloc’s regulatory arm, will unveil the target in a policy plan scheduled for publication on July 17. It then aims to embed it into a law as part of its proposal for a post-2030 energy framework in the fourth quarter of this year, according to a draft document seen by Bloomberg News. The electrification goal will be expressed as a yet-to-be-defined percentage share of energy consumption by 2040.The EU bet is that home-grown clean electricity would not only help achieve its climate goal of reducing emissions by 90 per cent by 2040 from 1990 levels, but will also strengthen the bloc’s energy security. The push to reduce reliance on energy imports has become a key political issue after a cut in Russian gas supplies sent prices to record levels following the invasion of Ukraine and the Middle East crisis roiled global markets.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try again“With decisive action at all levels, Europe can become the first electro-continent,” the commission said in the document. “This profound transformation will require investments and lead to savings and benefits well beyond the energy system, from clean tech manufacturers to the installation sector, from more and modern competitive industries to emissions and pollution reduction in European cities.”By accelerating electrification, Europe could replace two-thirds of its gas demand and halve oil consumption, lowering its fossil fuel import bill by 200 billion euros until the end of the next decade, according to the draft, which may still change before publication. That could also help the region lower its stubbornly high energy prices, which weigh on Europe’s competitiveness compared to the United States and China.The commission declined to comment, in line with its long-standing policy of not commenting on draft documents.The EU estimates that 70 per cent of the power produced in the bloc already comes from local clean sources, with significant gains being made in energy efficiency. Still, the region’s electrification rate, or share of electricity in final energy consumption, has been stagnant at 23 per cent for a decade compared to more than 30 per cent in China, Korea or Japan, according to International Energy Agency data.“Unlocking the electrification potential would support Europe’s strong clean tech manufacturing base and related value chains of wind turbines, battery electric vehicles or heat pumps and boost the number of qualified jobs significantly,” the EU said.The plan will outline several actions that the commission plans to take this and next in sectors most dependent on fossil fuels. In industry, it wants to rely on targeted use of carbon market-based funds to drive electrification, while in transport it aims to ensure better access to charging infrastructure, electrify heavy-duty vehicles and encourage ports to become clean energy hubs.To boost electrification in the buildings sector, which accounts for half of the EU’s gas consumption, the commission will consider measures including mobilizing public demand for heat pumps.To reach the electrification target, the EU will need to tackle a number of barriers, including the high upfront investment cost of the switch from fossil fuels to electricity, as well as modernizing its electricity grids and expanding generation capacities. In addition, the bloc will need a change of its energy taxation rules and a progressive phase-out of fossil fuel subsidies after 2030, the commission said. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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