If nations are to be successful in increasing wind and solar power to wean themselves from Russian gas, they would need to invest more than half a trillion euros in modernising Europe’s energy grid this decade, a draught EU study revealed.
The European Commission will announce fresh emergency measures to control sky-high gas prices and assist cash-strapped energy companies this winter in its upcoming publication of a plan to ‘digitalise’ Europe’s energy system.
To enable the anticipated rapid adoption of electric vehicles, renewable energy, and heat pumps as well as the transition away from fossil fuels, the draught plan, which was viewed by Reuters, stated that investments in the power system totaling 584 billion euros are required until 2030.
Of this, the distribution grid would receive about 400 billion euros. One-seventy-five billion of those would go toward digitalization, including so-called ‘smart grids’ that react more quickly to local supply and demand swings, reducing energy waste and enabling the use of more affordable times.
Regarding the EU’s climate targets, the draught stated, ‘reducing greenhouse gas emissions by 55% and reaching a share of 45% renewables in 2030 can only happen if the energy sector is ready for it.’
Although the EU provides funding for international energy initiatives and has urged nations to use money from the massive COVID-19 recovery fund to create greener energy systems, EU member states are mostly responsible for their respective national energy policy.
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