Tailwind for renewables
In 2030, the world will have nearly 10 times as many electric cars on the roads. Renewables will make up 80% of new power capacity, the demand for fossil fuel has peaked, and electric heating will outsell gas boilers. These are some of the projections in IEA’s World Energy Outlook, calling the emergence of a new clean energy economy a hope for the way forward.
Being more tangible than a hope, the annual mammoth report was followed up by another pivotal publication released this week. On Wednesday, the European Commission launched its Wind Power Action Plan seeking to strengthen Europe's wind energy industry en route to meeting its climate and energy targets. The package doubles down on permitting pace, auction designs, upskilling efforts, access to finance, and stable supply chains in the need to bridge the gap between the definite renewables need and the current bottleneck in deployment.
As highlighted in the Commission’s presentation, the cumulative EU-27 offshore installed capacity in 2022 amounted to 16.3 GW. This means that to bridge the gap between the 111 GW committed by the Member States and the 2022 capacity, Europe must install almost 12 GW/year on average – that is 10 times more than the new 1.2 GW installed last year. Underlining the largely untapped potential, the Baltic Sea is estimated to boast an offshore wind potential of 93 GW whereas the North Sea’s tremendous potential is underpinned by its neighbouring countries’ aim to harvest 300 GW of wind energy by 2050.
While this week provided tailwind for Europe's clean technology deployment, the next hurdle will be whether nations can reach a global consensus on pushing forward at COP28 in December. A united EU recently has stated a joint push to reach a deal on phasing out 'unabated' fossil fuels, while the Copenhagen Climate Ministerial and recent announcements lend optimism for the upcoming talks to deliver the first-ever global goal for renewable energy including the ambition of doubling energy efficiency by 2030.
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