Study: Europe can switch its power sector entirely to renewables by 2030
Post date: 06/10/2023 - 13:58
Europe can meet its electricity needs exclusively through renewables by 2030, and by 2040 this would be possible in the entire energy sector. This is the result of a study commissioned by the investment firm Aquila Group, coordinated by the Potsdam Institute for Climate Impact Research (PIK) and involving six other institutes – including Fraunhofer ISE and the German Institute for Economic Research DIW. »This energy system based on 100 % renewable energies would come with a drop in energy costs for consumers, reduced vulnerability in times of geopolitical tensions, and would boost European competitiveness on the world stage,« the study, »European Power Sovereignty through Renewables by 2030,« states. This would require €140 billion euros annually by 2030 and €100 billion annually by 2040. In addition, the study says, policymakers must ensure that the future electricity market favors capital-intensive investments in renewables and prioritizes the expansion of renewables and power grids.
Aquila develops and operates renewable energy plants and storage facilities with a total capacity of 21 gigawatts. The motivation for the study, according to the company, was concern that »the opportunity to create an integrated European clean energy system based entirely on renewable resources could be missed if no immediate actions are taken.«