The European energy sector is experiencing a ‘transformational shift’ – driven by EU energy and climate policy – while EU renewable capacity will grow fastest in the UK.
Those are the key findings of an independent, multi sector economic study due to be released in Berlin today at the international IHS Forum. that the 2030 EU energy and climate policy targets are driving energy sector reform.
‘The EU’s ambitious 2030 target of 40% greenhouse gas reduction in Europe requires continued investment in renewables and a fundamental transformation of the European energy sector – amid rising public concerns over subsidy costs and competitiveness,’ the report finds.
By 2030, renewable capacity in Europe is expected to grow by 297GW led by the UK and Germany.
The shale gas boom has shifted the global context for European energy policy, with low US energy prices adding further pressure to reduce costs of the European decarbonisation process.
Technology improvements and changes in policy and market design are necessary to support the build out and integration of renewables in a cost-effective manner in Europe as the decarbonisation policy has resulted in rising energy prices for consumers.
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