"Taking into account the geopolitical situation since the war started by Russia in Ukraine, as well as the attacks on the energy infrastructure in Europe, the pressing issue for all of Europe is gaining independence from Russian fossil fuels. This is why the REPowerEU initiative and financial support is extremely important. We have ascertained that Latvia will receive more than 123 million euros to make investments for the transition to a new energy infrastructure and system, diversifying energy sources and transitioning to clean energy. This is important not only for Latvia and the Baltics, but also for the whole of Europe," said Finance Minister Arvils Ašeradens of the initiative.
The EC launched the REPowerEU initiative in March 2022. It envisages making Europe independent of Russian fossil fuels well before 2030, starting with gas. The plan outlines a series of measures aimed at rapidly reducing Russia's dependence on fossil fuels and accelerating the green transition, while strengthening the resilience of the European Union (EU)-wide energy system.
This initiative includes new reforms and investments, for which a total of 123.98 million euros will be allocated, which is the maximum possible allocation to Latvia. Funding is planned to be directed to projects with a significant impact on reducing tariffs and strengthening energy independence in Latvia.
