Since the start of the Iran war in late February, the European Union has spent an additional 90 billion euros ($103,9 billion) on fossil fuel imports, European Commission President Ursula von der Leyen said.
According to her, restrictions on maritime transport through the Strait of Hormuz have shown once again how costly Europe's dependence on imported fuel is.
Speaking at the European Parliament in Strasbourg, von der Leyen called for increased clean energy production within Europe. She said more domestic energy would help the EU reduce its dependence on imports and cut costs.
The European Commission aims to double the share of electricity produced from domestic sources by 2040.
According to Commission estimates, achieving this target could save Europe up to €260 billion per year in fossil fuel import costs by then.
However, to fully benefit from the energy produced in Europe, further investment is needed.
Von der Leyen stressed the need to accelerate electricity grid connections, expand energy storage capacities and increase investment.
The statement comes at a time when energy security has once again become a major issue for Europe, as disruptions or restrictions on one of the world's main oil and gas transportation routes could significantly impact energy costs.
