FRANKFURT, Germany: A groundbreaking study by the Potsdam Institute for Climate Impact Research has unveiled an ambitious plan for Europe to transform its energy landscape into a self-sustainable sector powered by renewables. The study suggests that an investment of approximately 2 trillion euros ($2.1 trillion) in solar, wind, and other regenerative sources by 2040 could enable Europe to wean itself off fossil fuels.
Europe could become energy self-sufficient in $2 trillion push – stud https://t.co/sgIdQX5OJ0
— Morisea Leisure (@LeisureMorisea) October 4, 2023
To achieve this vision, the study recommends annual investments of 140 billion euros by 2030 and 100 billion euros per year in the following decade. The primary focus of these investments would be on expanding onshore wind capacity, while solar, hydrogen, and geothermal resources would also play crucial roles in this transition. The objective is to meet Europe’s electricity demands solely through renewables by 2030, necessitating a decade-long effort to convert the entire energy system, including heating currently reliant on oil or gas.
The study emphasizes that although the financial commitment required is substantial, it is vital to consider the significant investments already being made to maintain the existing energy system. In the previous year alone, European countries spent an additional 792 billion euros to mitigate the effects of the energy crisis triggered by the Russian invasion into Ukraine. This perspective underscores the economic rationale for proactively investing in a sustainable energy future.
Europe could become energy self-sufficient in $2 trillion push – study https://t.co/oavwx20NPH EU has been energy independent for a century with fossil fuels & can be the same for another century. CO2 is nature's blessing.
— allrite jack (@AllriteJ) October 5, 2023
The momentum toward renewable energy is gaining traction within European policy circles as well. Recent legislative actions have underscored a commitment to accelerate the expansion of renewable energy within the next decade. European lawmakers recently approved legally binding targets aimed at raising the bar for renewable energy, now requiring 42.5 percent of EU energy to come from renewable sources by 2030, up from the previous 32 percent target.
This study, commissioned by Aquila Capital, one of Europe’s leading private renewables investors, aligns with industry sentiments calling for streamlined approval processes for renewable energy projects to ensure that targets are met. The study emphasizes that a growth rate of 20 percent per year in renewable energy supply is imperative to meet the expected power demand by 2030.
