In her recent state of the union address, Ursula von der Leyen, President of the European Commission, outlined her target of reducing the EU’s carbon emissions by 55% by 2030. This new target (up from a previously stated 40%) came with a reiteration of the EU’s commitment to the Green New Deal, a plan to invest 25% of the EU’s budget in transitioning the European economy to climate neutrality by 2050. This plan will not only ensure that the EU’s energy system is decarbonised, but also that everything else, from construction to transportation, is climate neutral — a major boon for renewable energy sectors such as wind or solar photovoltaic.
This represents an important opportunity for the renewable energy industry, which will have to grow rapidly to meet surging demand. In this article we explore some key points about the EU’s Green New Deal, and its implications for the renewable energy sector:
- The EU’s Green New Deal is a two-pronged approach to reaching the EU’s target of a completely climate neutral economy by 2050. The first of these prongs is regulation and legislation, which will limit and discourage the use of technology and practices with negative impacts on climate change (such as fossil fuels). The second of these prongs is investment, which will seek to boost sustainable industries and projects within the EU.
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