The European Commissioner for Energy, Dan Jorgensen, stated on Thursday that the expected savings in fossil fuels by 2040 would amount to 2.5 trillion euros if the EU manages to deploy renewable energies more quickly, a key objective of its action plan to ensure affordable energy for European consumers.

“By 2040, we could save up to 2.5 trillion euros in fossil fuel imports,” highlighted the commissioner this Thursday in his speech before the plenary session of the European Parliament in Strasbourg (France).

Jorgensen outlined to the MEPs the roadmap presented by the European Commission on February 26 to reduce energy bills for both households and businesses.

This plan also acknowledges that tax reductions “have proven to be very effective in containing the energy bill during the energy crisis.”

It refers to when member states applied reductions in VAT and energy taxes – as was the case in Spain, which reduced the VAT on electricity from 21% to 10% – as well as income transfers to vulnerable groups.

Brussels has launched this strategy, linked to the Clean Industry Pact, with the aim of reducing energy costs for consumers and businesses.

Also to accelerate investment in clean energy through actions such as reducing national taxes on electricity, promoting long-term supply contracts, or developing a more integrated energy infrastructure with more interconnectors and greater cross-border trade.

“We can save 2.5 trillion euros by deploying our renewable energy more quickly, being more energy-efficient, better controlling gas markets, enforcing legislation that has already been made, and interconnecting our energy systems much better than today,” emphasized the commissioner.

Jorgensen has acknowledged that energy prices in Europe “are too high,” but he also warned that they would have risen even further if it hadn’t been for the progress already made in terms of the green transition.

“And we can do even better; we will deploy renewable energy more quickly, become much more energy-efficient, and connect our energy systems in Europe much better,” added the Danish politician.