The EU Commission has taken a major step toward boosting photovoltaic production in the European Union. In a ceremony attended by industry representatives, energy ministers from nearly a dozen European Union countries and EU Commissioner for Energy Kadri Simson, the commission signed off on the European Solar Charter.
Commissioner Simson noted after the signature ceremony that the solar photovoltaic production sector will be critical to the EU achieving its climate, energy and competitiveness goals. As with the United States, China and most major nations, the EU and its member states are eager to cut their greenhouse-gas emissions by swapping out fossil fuels for renewable alternatives such as solar energy.
Under the recently signed Solar Charter, EU nations will have to be party to a series of voluntary initiatives meant to support and boost the regional bloc’s solar photovoltaic manufacturing sector. Simson said that the European Solar Charter would bring national authorities, the energy industry and the commission together, encourage cooperation and support solar panel production in Europe.
Signatories to the charter committed to support competition in Europe’s photovoltaic manufacturing sector and encourage the launch of a market for high-quality products that meet the resilience and high sustainability criteria in line with the regional bloc’s energy and climate objectives. With more than 90% of the EU’s solar panels coming from China, the region is keen on building up domestic production and limiting its reliance on China.
The charter outlined a myriad of elements that could help EU nations achieve these objectives, such as pursuing early implementation of relevant Net-Zero Industry Act provisions. These provisions include using nonproven criteria during public procurement, renewable energy auctions and other similar support schemes.
The European Solar Charter marks the latest efforts to support solar panel production in the region and help the EU achieve its climate goals in time. It comes after a Net-Zero Industry Act proposal that currently has the provisional approval of colegislators as well as the launch of the European Solar Photovoltaic Industry Alliance. As with prior efforts to support solar panel manufacturing in the EU, the charter will be crucial to ensuring the region’s renewable energy transition is in line with its energy objectives, allowing Europe to deploy renewables such as solar and wind while creating high-quality green jobs and making the nascent renewables sector competitive.
The EU is currently looking to achieve a target of at least 42.5% green energy by 2030 and net neutrality by the middle of the century. Solar is now poised to play a major role in the region’s green-energy transition over the next couple of decades. It is the fastest-growing green energy industry in the European Union with 28GW, 41GW and 56GW installed in 2021, 2022 and 2023 respectively.
These policy-level interventions working alongside efforts of for-profit companies such as FuelPositive Corp. (TSX.V: NHHH) (OTCQB: NHHHF) are likely to make it possible for green energies to be increasingly adapted around the world.
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