EU countries may need to ramp up renewables deployment in the next decade to reach its new greenhouse gas emissions reduction goal - driving down emissions across the EU by at least 55% by 2030, compared to 1990 levels.
On 14 July, the EU’s executive branch, the European Commission, has updated its Renewable Energy Directive to increase the overall binding target from 32% to a new level of 40% renewables in the bloc’s energy mix by 2030. Analysis from the trade association predicts that the 40% ambition will require a total of 660GW of solar PV deployed in Europe by 2030, up from the approximately 137GW installed as of year-end 2020.
To increase the attractiveness of renewables projects for private investors, the Commission proposes measures to make permitting more efficient and to promote direct contracts between producers and consumers.
Additionally, new emissions trading for transport and for fuels used in buildings would provide a price signal to reduce energy use and increase the share of renewable energy in electricity production.
All draft measures will need to be approved by the EU’s 27 member states and are expected to be negotiated over the next 2-3 years before becoming law.
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