- The growth in renewable power capacity has saved the 27-nation bloc.
- Russian gas accounted as the source for about 41% of the EU’s fossil fuels imports.
According to a report published by climate think tanks E3G and Ember, the growth in renewable power capacity has saved the 27-nation bloc €99 billion ($97 billion) in avoided gas imports between March and September. Following Russia weaponizing gas to European countries to gain leverage in their conflict with Ukraine, The boost in renewables is essential as Europe tries to wean itself off Russian gas, which accounted as the source for about 41% of the EU’s fossil fuels imports.
Wind and solar power now make up about 24% of the European Union’s electricity mix curbing inflation in the bloc. Also, Nineteen of the EU’s 27 member states have achieved record wind and solar generation since March. The European Commission’s proposal to increase renewable energy targets from 40% to 45% by 2030 has resulted in an increase in the renewable energy mix on the bloc. Although, the hydroelectricity component of the renewable energy mix has been down by 21% due to droughts caused by the climate crisis. However, the think tanks have warned that there is still a long way to go in reaching the bloc’s renewable potential, as Fossil gas still makes up around 20% of the EU’s electricity.
A Senior Analyst at Ember, Chris Rosslowe, said: “Wind and solar are already helping European citizens, but the future potential is even greater”. However, the EU has managed to fill its gas storage containers to get through the winter, and the pathways for the season after this have not been adequately marked. The report’s author said it is “even more important now to shift the focus to measures beyond 2022/23 winter”. In conclusion, the author’s key message is “More renewables, less inflation”.