Europe has vowed to cut its reliance on Russian fossil fuels by 2027 by scaling up renewable energy. This transition away from oil and gas was already a key goal before the war in Ukraine as the EU seeks to become climate neutral by 2050. Energy dependency currently costs European taxpayers nearly  €100 billion per year. REPower EU is the European Commission’s action plan to end dependency by 2027. This includes scaling and speeding up the implementation of renewable energy. It’s estimated that it will cost 210 billion euros and require major investment. This is where InvestEU, the EU’s flagship investment programme comes in. Working in partnership with the European Investment Bank and with a guarantee of 26 billion euros from the EU, InvestEU is expected to bring in more than 370 billion euros in public and private financing. Its investments focus on four areas: sustainable investment, innovation, social inclusion and job creation, and at least 30% of these must contribute to making Europe carbon neutral.