Within the next five years, the European Union could become completely independent of Russian natural gas. However, it would have to invest €811 billion in the development of renewable energy sources and heat pumps.
A significant portion of the required investment could be covered by reducing spending on gas purchases. Savings from this could reach approximately €238 billion over 30 years.
These claims were presented in the latest report from the Oxford Sustainable Finance Group, which operates within the Smith School of Enterprise and the Environment at the University of Oxford.