In a new report devoted to investment in clean energy, the International Energy Agency (IEA) emphasised on Thursday 6 June that the European Union is one of the most advanced regions in the world when it comes to deploying clean energy.
In response to Russia’s invasion of Ukraine and the subsequent reduction in gas supplies, the EU has sought to significantly reduce its dependence on imported fossil fuels.
“In Europe, over the last 2 years, the development of grids and renewable energies has accelerated, mainly for security reasons, as green energy is synonymous with secure energy”, Fatih Birol, Executive Director of the International Energy Agency, explained to the press.
In addition, the EU has set itself the target of reducing net greenhouse gas emissions by 55% by 2030 and becoming climate neutral by 2050. It also adopted legislation for a ‘net zero emissions’ industry in June 2024 (see EUROPE 13417/31) to support the manufacture of clean technologies. This reflects a strong element of industrial policy, “as the major economies compete for advantage in the new clean energy supply chains”, emphasises Fatih Birol.
The EU now stands out as one of the regions with the highest investment ratios in clean energy compared to fossil fuels, since for every dollar invested in fossil fuels, the EU spends more than $10 (USD) on clean energy.
In 2023, investment in renewable energy production amounted to almost $110 billion, an increase of more than 6% on the previous year.
Investment in electricity networks, meanwhile, rose by more than 20% to almost $65 billion, representing a positive development, according to the IEA, particularly in terms of facilitating electricity flows to Central European markets.
At the same time, investment in oil and gas has also increased, reaching more than $30 billion by 2023, with investments of nearly $7 billion in liquefied natural gas (LNG) to gradually eliminate Russian gas imports.
On a global scale, the IEA estimates that spending on clean energy technologies and infrastructure should almost double that on fossil fuels by 2024, to reach $2 trillion.
To see the IEA report: https://aeur.eu/f/cka (Original version in French by Pauline Denys)