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Europe needs about $2 trillion to eliminate the use of fossil fuels. A strong trend among European countries to achieve carbon neutrality goals through the use of clean electricity. Growth in solar and wind energy has helped in the decline in the use of traditional fuels in Europe. Electricity generated by fuel in the European Union recorded a record decline during First half of 2023. Clean electricity supply needs to grow by 20% annually.
European countries are accelerating their progress towards green transformation by gradually eliminating fossil fuel sources and replacing them with renewable energy, as part of their efforts to achieve clean, sustainable development, eliminate carbon emissions and enhance energy security.
Perhaps what makes energy transformation efforts in Europe mandatory is the growing demand for electricity to unprecedented levels, with the countries of the Old Continent seeking to electrify all economic sectors, in addition to their need to meet the demand resulting from initiatives such as increasing the use of environmentally friendly cars, through clean electricity instead of electricity. Traditional fuel, according to reports reviewed by the specialized energy platform.
However, Europe’s ambitions to achieve the goals of carbon neutrality appear to collide with a number of challenges that may hinder this desired transformation. Among them is the high investment cost of renewable energy projects valued at trillions of dollars.
The $2 trillion dilemma
The results of a recent study concluded that Europe could eliminate fossil fuels and build a self-sustainable energy sector by spending nearly 2 trillion euros (2.1 trillion US dollars) on solar projects, wind and other renewable resources by 2040, according to the agency. Reuters.
(Euro = 1.05 US dollars).
The report, led by the Potsdam Institute for Climate Impact Research, said that Europe will need annual investments of 140 billion euros (about 147 billion dollars) by the end of the current decade (2030), and 100 billion euros (about 105 billion dollars) annually in the following decade to wean itself off fuel. Fossil.
While Europe needs most of this amount to expand onshore wind projects, solar, hydrogen and thermal energy resources highlight additional pillars of a strategy that will enable the continent’s countries to generate all their electricity needs from renewable energy sources by the end of the current decade (2030).
Solar power plant – Image from Bloomberg
Another 10 years
Europe needs another decade to convert its entire electricity system to renewable sources; Among them is the heating system that currently operates with oil and gas, according to the study, the details of which were shared by the specialized energy platform.
The study explained: “These numbers are important, but it is important to remember that European countries spent, according to estimates, an additional 792 billion euros last year (2022) on the current electricity system to protect consumers from the effects of the energy crisis resulting from the Russian invasion of Ukraine.”
In September 2023, European legislators finally approved legally binding targets to expand renewable energy at a faster pace during the current decade, which is an important part of the Old Continent’s plans to curb climate change and transition away from fossil fuel sources.
The law raises renewable energy targets in the European Union. This requires reaching the contribution of clean electricity in the bloc countries to 42.5% in the national electricity mix, by 2030, instead of the previous target of 32%.
The scientific study supported the criticisms faced by European legislation, calling for accelerating the pace of approval of projects to ensure the achievement of the targets set in this regard.
According to reports, clean electricity supplies will need to grow by 20% annually to cover the expected electricity demand by 2030.
Record decline
Electricity generated by conventional fuels in the European Union recorded a record decline in the first half of 2023, according to a study conducted by the Ember Center for Energy Research.
During the first 6 months of 2023, the rate of fossil fuel consumption to generate electricity in the 27 member states of the European Union fell by 17%, compared to the same period in 2022.
The study found that during the period between January and June (2023), the percentage of electricity generated by fossil fuels reached 33%, which is the weakest percentage ever in the European Union’s electricity mix.
“The decline in the use of fossil fuels is a sign of changing times,” said Matt Ewen, an analyst at Ember and author of the report, noting that “coal and gas are expensive and involve a great deal of risk, and the European Union has excluded them,” during statements followed by the specialized energy platform.
The chart below – prepared by the specialized energy platform – shows European gas imports via pipelines in the first quarter (2019-2023):
Reasons for decline
The decline in the use of fossil fuels in the European Union was supported by a decline in energy demand, according to Ember.
Following the outbreak of the Russian-Ukrainian war on February 24 (2022), the European Union introduced a number of measures aimed at reducing demand after gas prices rose.
Moderate weather conditions also led to a decrease in the use of gas for heating by 5% in the first half of 2023.
Although the increase in energy efficiency may have led to a collapse in the use of fossil fuels; Ember believes this is “not sustainable” or even “desirable.”
Meanwhile, the growth in solar and wind energy has also helped in the decline in the use of traditional fuels in Europe, but the report believes that the growth of renewable energy needs to accelerate if countries on the continent want to replace clean electricity with fossil fuels.
Countries leading the decline
11 European Union countries accounted for at least 20% of the decline in fossil fuel electricity generation rates in the first half of 2023, compared to last year (2022).
Five countries – Portugal, Austria, Bulgaria, Estonia and Finland – witnessed a decline of more than 30% in electricity generated by traditional fuels.
During the same period, the rate of fossil fuel consumption touched its lowest levels ever in 14 European Union countries.
During the summer months, some countries succeeded in abandoning the use of traditional fuels for significant periods of time, such as the Netherlands, which only used coal for 5 days, and it never used it for 17 consecutive days in the month of June (2023).
Coal is at the top of the list
Coal-generated electricity had the lion’s share of the decline within EU countries, by 23% in the first three months of 2023.
Despite growing fears that the Russian invasion of Ukraine may cause a return to the use of coal last winter; This did not happen on Earth; This fossil fuel contributed less than 10% of the electricity generation rates within the bloc countries, for the first time ever in May (2023).
The rate of electricity generated by gas also fell by 13%, against the backdrop of a 75% decline in Russian gas imports in Europe.
The following infographic – prepared by the Specialized Energy Platform – shows the most prominent historical renewable energy stations in the European Union:
Clean energy growth
Renewable energy sources continue to grow in EU countries; Its contribution to electricity generation increased by 13% in the first 6 months of 2023, compared to the same period in 2022.
Solar and wind energy accounted for 30% of electricity generation, for the first time in the months of May and July (2023).
Countries witnessed record levels of electricity production generated by renewable energy – as well – as this percentage reached 50% in Greece and Romania, while it exceeded 75% in Denmark and Portugal.
The report called on European Union governments to accelerate the pace of construction and installation of solar panels and wind turbines, in addition to making improvements to electricity networks and enhancing battery production.
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2023-10-07 13:11:17
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