The European Union announced a plan to end its dependence on Russian oil and gas by 2030, through investments worth 300 billion euros (about 318 billion dollars).

European Commission President Ursula von der Leyen told reporters on Wednesday that the investments will include ten billion euros for gas infrastructure and two billion euros for oil, with the rest of the investments allocated to clean energy, noting that Brussels is also proposing larger legally binding targets for renewable energy and energy efficiency by 2030.

She explained, according to Reuters, that the initiative to revise the energy sector in the European Union (REPowerEU) will help EU countries conserve more energy to accelerate the pace of phasing out fossil fuels and, importantly, start investment on a new scale.

She affirmed that the initiative will give a boost to speeding up the EU's transition towards environmentally friendly energy known as the European Green Deal.

With no end in sight to the Russian war in Ukraine and energy security disruptions in Europe, the European Union is rushing to balance its geopolitical and climate interests for the coming decades, according to the Associated Press.

This European plan comes amid concerns about the energy supply that the EU depends on and has no quick alternatives for, including Russia cutting gas supplies to Poland and Bulgaria after their refusal to pay in Russian rubles.

The EU's ban on Russian coal is set to begin in August, and the EU has pledged to try to reduce demand for Russian gas by two-thirds by the end of the year.

Dependence on renewable energy sources forms the cornerstone of the European plan, which will be mainly funded by a stimulus program established to help member states.