Europe Plans to Be Self-Sufficient with Renewable Energies by USD 2.1 Trillion in 2023

By Shubhendra Anand , 29 November, 2023

Europe is expected to become self-sufficient in wind and solar energy by USD 2.1 trillion in 2023. The International Monetary Fund (IMF) released data on USD 7 trillion in fossil fuel subsidies supported by businesses and consumers in 2022 for various geopolitical reasons.

Based on the survey, Europe can completely transform itself to wind and solar energy worth USD 2.1 trillion in 2023. Europe expects to release itself from fossil fuels, such as oil, coal, and other fuels, to completely turn towards the clean energy transition in 2023. The survey to support Europe's wean from fossil fuels anticipates annual investments of 140 billion euros by the end of 2030, followed by 100 billion euros per year in the next ten years. A significant focus of this expenditure by Europe will be on increasing the onshore wind capacity; in contrast, hydrogen, solar, and other resources would play a crucial role in the transition of energy in Europe. The study suggests that the main aim is to cover the electricity demands entirely with renewable energy sources. Europe focuses on transitioning its whole energy system in this decade by 2030.

Other sources view that Europe's shift towards clean energy by 2030 requires building up more wind and solar power generation capacity, along with hydrogen production and upliftment in geothermal resources. The target set by the survey also puts forward that Europe requires heavy investment for energy transitioning by 2030. This transformation may need a large sum of investment, but the resultant will act to meet the clean energy transition goals of the nations by 2050. Also, in 2022, the European countries have invested 792 billion euros for the presently working energy system to safeguard consumers from future geopolitical energy issues. Aquila Capital has accelerated the survey on Europe's investment in the clean energy transition in 2023.