The European Commission will propose a 2040 electrification target on July 17
and seek to enshrine it in law in Q4, according to a draft seen by media. The
goal will be expressed as the share of electricity in final energy consumption;
the specific target level is not yet decided. The plan aims to expand domestic
clean power, reduce fossil-fuel import dependence and help achieve a 90% cut in
emissions by 2040 versus 1990. The draft says accelerated electrification could
replace two-thirds of European gas demand, halve oil consumption and save about
€200bn in fossil-fuel import costs by the late 2030s, reflecting political
pressure after the Russia-Ukraine war and recent Middle East disruptions.
