Thank you! Let me begin with a quote from Groucho Marx: These are my principles. If you dont like them, I have others.
This is not the case for the European Union or the energy policy of the European Commission. We adhere to our principles despite changing opinions or adversities. Professor Walter Hallstein, the first president of the Commission, warned in 1958 of the need for Europe to keep pace with global powers. Today, we face similar challenges.
Last year, 47 million Europeans couldnt adequately heat their homes—a shocking reality. Our businesses face high energy costs, which pressures our communities. An urgent response is needed. By months end, I will present an Action Plan for Affordable Energy as part of our Clean Industrial Deal. This plan aims to reduce energy costs immediately while making long-term structural decisions for the future.
Short-term measures may include decoupling energy bills from fossil fuel prices and enhancing competition in gas markets. In the long term, reinforcing our Energy Union is vital. Our integrated energy market already saves consumers EUR 34 billion annually, with potential benefits reaching EUR 40 billion by 2030.
The Action Plan will be our blueprint for deeper integration and advancing our Energy Union. We aim to enhance grid connections, boost clean energy, and accelerate electrification. Investment is crucial, with projected needs of EUR 574 billion this decade and EUR 694 billion in the next.
We will develop a Clean Energy Investment Strategy to support these efforts, ensuring no backtracking on the green transition. Affordability and competitiveness align with decarbonization. From 2021-2023, EU electricity consumers saved EUR 100 billion thanks to renewables.
The EU has combined decarbonization with economic growth, reducing emissions by 37% since 1990 while GDP rose by 68%. Renewable energys share in the electricity mix grew from 36% in 2021 to 46% in 2024, surpassing fossil fuels.
Europe is a leader in clean tech like wind, heat pumps, and hydrogen. Global clean energy spending hit USD 2 trillion last year. Our ability to generate clean energy has been vital during the energy crisis, especially after Russias invasion of Ukraine.
Progress is evident under the REPowerEU Plan. The EU ended coal imports from Russia and reduced crude oil and gas imports significantly. Gas prices have stabilized, benefiting consumers.
We will publish a roadmap to end all Russian energy imports and fully implement REPowerEU. The Baltic Synchronisation project is an example of our efforts, integrating Baltic states into the EU energy system.
In conclusion, while weve achieved much, significant challenges remain. As in 1958, we need confidence in our ability to overcome these challenges. We began as a coal and steel community and are now a leader in renewable energy.
Weve thrived in the past, and with confidence and unity, we will do so again. Thank you!