The Commission, in a statement issued last month, said it had drawn up an amendment to the proposed European Climate Law, describing the change as a “stepping stone to the 2050 climate neutrality goal”.

The 27-nation bloc adopted a compromise of sorts – some countries had been satisfied with the 40% target, while others had viewed a 65 % reduction as vital.

“Our impact assessment clearly shows that meeting this target would put the EU firmly on track for climate neutrality by 2050 and for meeting our Paris Agreement obligations,” von der Leyen said.

Sources said the share of renewable sources in the electricity mix would have to rise from around 32 percent to at least 65 percent by 2030. 

Reuters news agency reported this would require an additional infusion of 300 billion euros over the period 2021-2023.

Detailed legislative proposals on achieving the targets are to be presented by June 2021. According to the EU statement, oil consumption in Europe will have to be reduced by a third and the share of transport operating on renewable energy sources will have to rise to 24 %.