Auditors: REPowerEU helped reduce dependence on Russia, but investment in the transition falls short

Since Russia's invasion of Ukraine, the European Union has significantly reduced its dependence on Russian fossil fuels, particularly oil. However, according to new analyses, a complete break from Russian gas is far from complete. In its report, the European Court of Auditors also warns that investment mobilised under REPowerEU falls short of the energy transition's needs and may not be enough to meet Europe's more ambitious targets for renewables, energy savings and infrastructure.

Within just a few years, the European Union has achieved what was still considered difficult to imagine in 2021. Following Russia's invasion of Ukraine, it significantly reduced its dependence on imports of Russian oil and natural gas and managed to diversify its energy supplies. This was precisely the purpose of the REPowerEU plan, which the European Commission presented in May 2022 in response to the energy crisis.

However, according to a new audit by the European Court of Auditors, success in energy security does not automatically mean success for the entire energy transition. Auditors warn that investment mobilised through REPowerEU and its instruments falls short of what will be needed to meet European climate and energy targets by 2030.