URA - Europe to spend $300b+ to end reliance on Russian energy

European Commission President Ursula von der Leyen said Wednesday the EU intends to "mobilize" up to €300b to end reliance on Russian oil (USO) and gas (UNG). The measures would include €10b for natural gas infrastructure (LNG) (SHEL), €2b for oil and €288b for "clean energy." Ongoing policy developments point to nuclear energy (URA) being included in Europe's policy-linked "taxonomy," though Wednesday's statement did not detail the components of the clean energy spend. Tuesday it was reported that talks between Germany and Qatar over the supply of liquified natural gas hit a standstill, likely an indication German buyers are unwilling to sign the long-term contracts needed to underwrite capacity expansion. The plans reported by Reuters Wednesday budget for investments through 2030, and are unrelated to nearer-term efforts to block Russian oil imports from EU markets.

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Europe to spend $300b+ to end reliance on Russian energy