Finding opportunity in the energy transformation - the perspective from the EU

As European Commissioner for Climate Action and Energy, Miguel Arias Cañete is tasked with accelerating the deployment of renewable energy in the region, both in response to climate change and as an industrial policy imperative.

The EU has made progress. Overall, it improved its energy intensity by over 20% between 2005 and 2016, keeping its final energy consumption stable despite economic growth. In 2015, increased use of renewables reduced greenhouse gas emissions equivalent to Italy’s total emissions and saved the EU €16 billion in fossil fuel imports.

At the same time, Commissioner Cañete reminded the audience at the 4th EU Energy Summit that although significant progress has been made, there is still a long way to go, noting that “still coal, gas, and oil together accounted for some 72% of our primary energy consumption in 2016, and most of this is imported.”

The research and innovation development of new technologies and services across the energy supply chain has led to the creation of new businesses throughout Europe, providing jobs and economic growth for Europeans.

The EU is very keen to show leadership in fulfilling our Paris Agreement commitments. Transforming the energy sector is key in this context. Under the Clean Energy for all Europeans package, investments will allow the EU to cut greenhouse gas emissions by at least 40% by 2030 and ultimately be carbon neutral by 2050, while contributing to economic growth and jobs in Europe.

By setting the right targets and measures for the use of renewables, we believe we can get all EU countries moving together in the right direction and create economies of scale literally at continental level.

“Our focus is on the potential for renewables in electricity, heating and cooling and transport sectors. This will enable Europe to reinforce its industrial competitiveness and to remain a global leader in renewables,” said Commissioner Cañete.

“We are confident that with this package in place, investments will continue to grow, as the EU is indeed looking for investments in the range of €180 billion per year to achieve its objectives for 2030. This number constitutes investments in all sectors, as well as in energy efficiency, renewables, and infrastructure. For the power sector alone, the investment needs are around €75 billion per year of which 33% is needed for renewables and 47% for the power grid,” he added.

The European Commission has therefore put forward an Action Plan aiming to boost investment in alternative fuel infrastructure and develop a network of fast and interoperable recharging and fuelling stations across the EU.

Original source: IRENA
Published on 30 May 2018