While the world's attention may have shifted away from fossil fuels, the issue of dependence on these non-renewable resources remains highly pertinent. Efforts to reduce not only import dependency but also overall fossil fuel consumption have spurred a groundbreaking study. This study quantifies the substantial financial investment needed to liberate Europe from the clutches of fossil resources, and the figures are staggering—exceeding two trillion euros.
Are Fossil Power Plants on Borrowed Time?
The primary objective of this ambitious endeavor is to expand the construction and concentration of wind and solar energy systems. Other sources of renewable energy are not neglected, but they are slated for lower priority during this phase. The study is being conducted by the Potsdam Institute for Climate Impact Research. According to their findings, Europe should invest approximately 140 billion euros annually into the construction and maintenance of energy infrastructure by 2030. In the following decade, investments could decrease to around 100 billion euros per year.
While this might seem like a substantial sum, it’s crucial to recall that Europe collectively expended nearly 800 billion euros in protecting consumers during the early stages of the Ukraine-Russia conflict, all within a single year. Viewed in this context, the ongoing investment of 140 billion euros per year becomes a significantly more compelling proposition. The construction of photovoltaic and wind power plants will also receive support from hydrogen and geothermal energy sources. During the construction phase, cheap energy sources like natural gas for heating will provide temporary support. However, this period should not extend beyond ten years.
Photo by Jason Blackeye on Unsplash
The European Parliament Prepares New Directives: Is It Enough?
This path seems to bring the vision of a fossil-free Europe one step closer to reality. In fact, the European Parliament recently approved a proposal for new legislation that strongly supports the shift toward renewable energy. This legislation includes streamlining administrative and approval processes. Both applications and the construction of new power plants are expected to take no longer than two years. By 2030, the share of renewable energy sources (RES) should rise to 42.5%.
Yet, the question that remains is how swiftly the European Parliament can progress the proposal to its final state and secure approval. While seven years may seem ample time before the end of the decade, administrative adjustments and the commencement of the required power plant construction may take longer. Will this remain an ambitious plan, or will the European Union seize the opportunity responsibly, taking us a step closer to a cleaner future? The answer lies in the hands of determination and action.
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