The global energy crisis has accelerated the momentum behind renewables, aiming at faster adoption of clean energy sources. It is estimated that in the next 5 years, the world will add as much renewable power as it did in the past 20. Globally, clean energy investment accounted for almost three-quarters of the total growth, expected to exceed an astonishing number of $US1.4 trillion.
What does the clean energy market look like in Europe alone?
In 2022, Europe adopted a target for renewable energy to make up 45% of Europe’s energy mix by the end of the decade, instead of the 40% discussed before the introduction of REPowerEU. REPowerEU is the European Commission’s plan to make Europe independent from imported fossil fuels well before 2030. This plan introduced a package of $300 billion in order to reduce this dependency. The IEA is forecasting that the share of renewables in the EU’s electricity mix will reach 55% by 2026, yet the European Commission estimates that a 69% share will be necessary to meet the package’s goals.
So far, it is estimated that between 2022 and 2027, the cumulative renewable energy capacity in Europe will increase by 60%. Solar PV will lead the way, followed by onshore and offshore wind, bioenergy, and hydropower. Around three-quarters of Europe’s renewable energy is located in just seven countries: Germany, Spain, the UK, Turkey, France, the Netherlands, and Poland. In 2022 alone, solar installations have seen a big surge – 47% more were installed than in 2021.
If Europe meets the 45% target, Euronews Green predicts it could save up to €43 billion in 2030. In total, between 2025 and 2030, it could avoid up to €200 billion in gas costs. Germany alone could save €49.7 billion, Italy €29.9 billion, and the Netherlands €20.2 billion. It also means that on average, the costs of energy for consumers would drop by about 10%.
The current energy crisis can prove a turning point towards a cleaner and more secure energy system when more renewables are deployed. Switching to clean sources of energy not only in Europe but also globally will prove critical for limiting global warming to 1.5 °C.
Storm4 prepared a small overview of the current state of clean energy in Europe, in the form of this infographic. Have a look!
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