In a joint interview with the European Union's Energy Commissioner, the head of the International Energy Agency stated that Europe's failure to reduce its dependence on fossil fuels represents a significant strategic misstep.

He pointed out that the EU's relatively low electrification rate of around 23% is hindering the bloc's overall competitiveness.

He suggested that the EU should follow the example of countries where the electrification rate exceeds 30%.

A draft report indicates that the EU's energy committee is set to unveil a plan next week, calling on member states to reduce electricity taxes and increase subsidies to help households adopt green energy technologies.

The IEA chief also revealed that 600 gigawatts of renewable energy projects are currently completed and awaiting grid connection.