In 2019 alone, coal-power generation fell by 24% in the EU and by 16% in the United States, bringing it down to half the 2007 level. In China itself, nearly 60% of the country’s enormous coal capacity is running at a loss, giving the government every reason to extend its global lead in solar and wind power, and to use its international reach to boost renewables beyond its borders.
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Among others, France and Germany revealed their plan to dedicate respectively €7 and €9 billion from public funds over the next ten years to creating a hydrogen industry. To what extent can hydrogen play a role in mitigating climate change? How are recovery plans addressing the potential pitfalls around its development?
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The Estonian government has allocated EUR8 million to the state-owned transmission system operator (TSO) Elering to compensate an increase in the renewable energy charge payable by domestic and business consumers in 2021.
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In the first and only auction that will be held this year, the Spanish authorities are planning to allocate around 3.6 GW of renewable energy capacity, of which 1 GW for the PV technology, 1 GW for wind power, and 80 MW for biomass projects with the remaining, around 1.5 GW being allocated with no technology restrictions.
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Danish renewables firm European Energy has announced that they will be constructing a $158 million solar farm that has been dubbed as the “largest” installation of its kind in Denmark and entire Northern Europe. The Danish company said it has won local council approval to build the 300 MW solar project in the municipality of Aabenraa in southern Jutland.
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Increasingly, climate is being inserted into a vision of great-power rivalry, rather than co-operation. In the US there are already voices calling for the establishment of green energy policies on the basis of a bipartisan national-security front against China. The tone is more moderate in Europe. But the EU too emphasises the need to recognise China as a ‘strategic competitor’.
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To achieve the current EU 2030 targets, annual investments in energy during 2021-30 will need to increase by over 1 percentage point of GDP (or EUR260 billion) on average compared to the previous decade. For an increased GHG reduction target of 55 per cent, this amount would increase to EUR350 billion. The annual energy infrastructure investments are estimated at EUR59 billion.
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Chinese President has declared that China will strive to become carbon neutral by 2060. The decision has high consequences for the European Union. However, for the time being, a carbon-neutral China remains a vague political aspiration.
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Norway is already well advanced on the way to becoming a climate neutral society. The 5.4 million inhabitants of the country obtain 95 percent of their energy from hydropower. About 1,600 hydropower plants are distributed over the country, which at 385,000 square km is only slightly larger than Germany. Around 3.5 per cent of the electricity comes from wind power.
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In view of the enlarged role for offshore wind in the energy mix in the long run, UK’s policymakers and regulator have been contemplating a change in the current approach to designing and building offshore wind transmission.
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Renewable energy generation projects (36 per cent), transmission and distribution (7 per cent), energy storage and system services (4 per cent), green hydrogen (5 per cent) jointly make up more than half of all projects identified in the report.
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The wind farm, which is expected to be commissioned by 2030, would produce approximately 3.5 terawatt-hours (tWh) of electricity per year, which is approximately 40 per cent of Estonia’s annual electricity consumption.
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Iberdrola and Fertiberia have signed an agreement to investment over Euro 150 million to construct a 100 MW solar photovoltaic plant, a 20 MWh lithium-ion battery system along with a 20 MW electrolytic hydrogen production system.
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Low-carbon investments can help Europe build back better than before, creating jobs, increasing its competitiveness, and building a healthy economy that is more resilient to shocks like pandemics and climate change.
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