BRUSSELS — Climate-friendly lawmakers and countries accused the EU of betraying its green commitments after Brussels unveiled a new proposal to invest in overseas gas projects on Wednesday.
The initiative came as part of the European Commission’s Action Plan for Affordable Energy, which aims to lower the soaring energy bills that have hampered manufacturers since Russia’s full-scale invasion of Ukraine in 2022.
The plan will help finance grid upgrades, ease state aid for green projects and slash electricity taxes. But, controversially, it also promises to explore giving favorable loans to help fund liquefied natural gas (LNG) projects abroad and help ease volatile prices.
That puts Brussels on a collision course with the EU’s green advocates, who argue the idea represents a sharp U-turn in the bloc’s drive to slash its oil and gas reliance. In recent years, the EU has ruled out funding for cross-border fossil fuel projects and limited the role of gas in sustainable investments.
