The EU will have to spend about 200 billion euros over the next five years to ensure energy independence from russia, according to draft plans that set targets in sectors such as clean energy and reduced consumption, the Financial Times reported.
The European Commission's draft proposals, seen by the Financial Times, show that Brussels would need additional investments of 195 billion euros ($205 billion) between now and 2027, in addition to plans to increase spending on reducing carbon emissions.
The EU will also have to cut energy consumption more than previously estimated in order to meet its ambitious zero-carbon goals by 2050.
The proposals concern "rapidly reducing our dependence on Russian fossil fuels by accelerating a clean transition and joining forces to create a more sustainable energy system and a true energy union," the European Commission's draft said.
It calls for a 13 percent reduction in energy consumption by 2030, compared with a 9 percent reduction in the previous energy efficiency directive.
Brussels also aims to accelerate the deployment of renewable energy so that by 2030, renewable energy will cover 45 percent of energy demand, down from the current target of 40 percent. This requires more than doubling the current capacity of 511 gigawatts to reach 1,236 GWh.
The proposals will be released next week.