The European Union will need €100 billion in investment to switch to biofuels and synthetic electric fuels in EU aviation and maritime transport by 2035. This is stated in the Sustainable Transport Investment Plan presented by the European Commission.
“To meet the transition to sustainable fuels, the European Union will need 20 million tonnes of biofuels and electric fuels by 2035, which will require approximately EUR 100 billion of private investment“, the document states.
The European Commission, for its part, has proposed investing EUR 2.9 billion from the EU budget for these needs, which it says should serve as a catalyst for private investment.
The EC has also presented a plan for the future development of high-speed rail, which aims to connect all major European cities with railways capable of travelling at a speed of at least 200 km/h by 2040. This will cut train travel times across Europe by approximately half. The European Commission did not specify how much it intends to spend on these purposes.
However, it was indicated that the EC intends to increase investment tenfold in the project to increase military mobility in the European Union, which is closely linked to the European Commission's railway plan, as it includes, among other things, the modernization of European railways. In the next seven-year EU budgetary framework, from 2028 to 2034, the budget expenditure for military mobility is expected to reach EUR 17 billion, compared to EUR 1.7 billion in the current seven-year budget (2021-2027).