Europe, the long-time global leader in climate change and clean energy, achieved two out of three of its 2020 climate change goals. However, the region is unlikely to meet 2030 and 2050 goals without immediate and drastic action—a point that becomes exponentially harder to achieve as the world focuses time, attention and resources on the urgent response to COVID-19.
In this year’s World Energy Markets Observatory, we explore how Europe can balance these two competing priorities by finding synergies and opportunities between recovery plans and the ongoing climate agenda.
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- European renewable capacity surged by 42% in 2019, mainly driven by continuous solar development in Germany and accelerated commissioning in Spain.
- Renewables will account for nearly 50% of Europe’s power generation mix by 2025.
- EU’s share of renewables in the electricity mix topped 40% during spring 2020, highlighting Europe’s grid stability as the use of intermittent renewables grows.
- Europe is taking more control of battery production with 6 megafactories in planning or under construction.
- Europe has the potential to be a global leader in green hydrogen, owing to the region’s expertise in electrolysis-based chlorine production and company capabilities—however China is vying for the same position.
- Buildings renovation is at the heart of the EU energy efficiency strategy but results and commitments remain insufficient.
- The European Green Deal commits €100B per year over 10 years to help transform the EU’s economy for a more sustainable future.