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Renewable energy could be the key to net zero emissions in Europe

06/30/2022 1:30 PM

The issue of energy security has become of particular importance in Europe, which can give a strong impetus to the production of renewable energy. The most promising projects and the most attractive investment countries were identified by a recent analysis by EY. According to the study, these developments could significantly help EU countries, including Hungary, in achieving their net CO2 emissions targets.

How is the local climate plan?

Hungary planned to reach 6,500 megawatts of solar power by 2030. Today, much of it has already been built. In a few years, the production of solar panels in this country may exceed the 10,000 MW planned for 2040.

“The appreciation of energy security around the world is accelerating the transition to renewable energy, for which Hungary has also taken important steps. By seeing the positive results, the climate plan can be realized and, in the case of new pledges, the attractiveness of our country in the eyes of investors can be further increased. “.

Promising green energy initiatives around the world

The United States is investing billions of dollars in developing hydrogen-based fuels. In Europe, Germany wants to switch completely to green electricity by 2035, 15 years earlier than planned, and Greece wants to double its installed capacity on renewable energy by 2030. Poland has issued a tender for three new offshore wind concessions, while the government in Austria has committed to bid 250 1 million euros ($264 million) to support the development of renewable energy sources, according to a recent analysis by EY.

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“Many of the renewable energy technologies that were recently considered new and therefore risky are now accepted, which is why they are attracting investor interest. As energy prices are expected to continue to fluctuate in the future, energy managers have the opportunity to take advantage of technological innovation and explore Investments that enable sustainable growth.”

Investors still prefer to implement renewable energy projects in the United States and China, but Europe is also catching up. In the global ranking, the United Kingdom (third), Germany (fourth), France (fifth), Spain (ninth) and the Netherlands (tenth) are among the ten most attractive investment locations.