Von der Leyen praised Ukraine’s resistance against Russia’s invasion vowing the EU’s support will remain unwavering.
The EU, she said, should have listened to eastern European countries that had been warning that Putin would not stop for years.
She praised a “nation of heroes” saying “today, courage has a name, and that name is Ukraine,” and confirmed that she would travel to Kyiv later in the day.
“Putin will fail and Europe will prevail” as “sanctions are here to stay” she said.
Von der Leyen unveiled a series of proposals to assist consumers and businesses struggling with high gas and electricity costs.
A cap on revenues of power companies making large profits would yield €140 billion to “cushion the blow” of this energy crisis, according to one proposal.
A more risky idea, demanded last week by a majority of member states, to introduce a price cap on all gas imports was not introduced as a proposal, for fear of endangering the EU’s security of supply ahead of the winter.
However, von der Leyen did say that her Commission would propose that the EU reform its energy pricing system to decouple the cost of electricity from the cost of natural gas in the long term.
Read as well: EU plans ‘comprehensive reform’ of electricity market
The EU should aim to speed up the transition away from all imported fuels (not just Russian natural gas) and develop self-reliant systems of green technology.
She committed to pushing for a stronger defence of biodiversity at the upcoming UN conference in Montreal, as well as in the COP27 in Egypt.
We must “adapt to our climate – making nature our first ally,” she said.
The President said hydrogen is a “game changer” for the Union and the Commission will propose the creation of a new European Hydrogen Bank to raise €3 billion in investments in hydrogen-related technology and innovation.
Read as well: Luxembourg’s first hydrogen station to open in early 2023
The President made key remarks on securing supplies and access to raw materials, which are crucial for the success of our transformation towards a “sustainable and digital economy”.
China controls the global processing industry with almost 90 % of rare earths and 60 % of lithium being processed in China.
She said the Commission will identify strategic projects all along the supply chain, from extraction to refining, from processing to recycling with the aim of building up strategic reserves where supply is at risk.
She announced a European Critical Raw Materials Act to do this.
Within the context of securing investment in European interests, she also proposed a European Sovereignty Fund.
In sounding the alarm about the current state of the rules-based international system she called for a rethink of the EU’s foreign policy priorities.
She called Western Balkans nations, Ukraine, Moldova and Georgia the “future of the union” and said “our union is not complete without you”. The enlargement of the Union would require serious internal reform and the changing of the EU treaties according to von der Leyen.
The President also supported the idea to establish a European Political Community.
The EU should also engage with different regions, like Africa and Latin America, and boost its investments in infrastructure, green tech and digital networks, she said.
@christosfloros
