State of the Energy Union 2023, it is necessary to accelerate investments in renewables

The EU is, according to the European executive, on track to achieve the objectives of REPowerEU, but "it is necessary to significantly accelerate the pace".

 

The European Commission wrote that the European Union responded “collectively and effectively” to Russian aggression in Ukraine, and to Russia's weaponization of energy supplies, by accelerating the transition to renewable energy, diversifying supplies and saving energy.

In 2022, the EU set a record for new solar photovoltaic capacity (+41GW), which is 60% more than in 2021 (+26GW). The EU is, according to the European executive, on track to achieve the objectives of REPowerEU, but "it is necessary to significantly accelerate the pace".

“The share of renewables in gross final energy consumption reached 21.8% in 2021. With an average annual increase of 0.67 percentage points since 2010, the new EU target of 42.5% in 2030 will require much growth faster in the coming years,” explained the European Commission.

The Commission is still waiting for several Member States to submit updated plans so that we can assess by the end of the year whether we are on track to achieve the revised 2030 targets and what measures would be needed to address any gaps.

In view of the 2023-2024 winter, the EU is ready to guarantee its energy security thanks to "good coordination of actions aimed at filling gas storage facilities, diversification of energy import routes and infrastructure" and to investments in renewables and energy efficiency.

The European Commission reports, in the State of the Energy Union 2023 , that EU net greenhouse gas emissions fell by around 3% in 2022, reaching a reduction of 32.5% compared to 1990 levels The Commission then reports that the EU has reduced its dependence on Russian fossil fuels and coal.

“The EU has reduced gas demand by more than 18% compared to the previous five years, saving around 53 billion m³ of gas;
gas storage facilities were filled to 95% capacity before the winter of 2022-2023 and today, on the eve of winter, they are at more than 98%,” the Commission wrote.

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