EU Hopeful of Meeting Energy Transition Goals as Wind Farm Investments Soar

A recent report from industry group WindEurope has revealed that 2023 was a record year for wind-energy projects in Europe. An increase in wind-energy investments through the year also increased hopes of the European Union achieving its green-energy targets, the industry group says.

Wind energy will be critical to the EU cutting greenhouse gas emissions and meeting its clean energy goals by mid-century. According to WindEurope’s annual report, the wind-energy industry faltered in 2022 amid high interest rates, soaring inflation and incredible volatility in the energy market after Russia invaded Ukraine.

However, the industry experienced significant improvements across key areas in 2023, WindEurope states. Offshore wind investments surged from only $433 million in 2022 to a whopping $32.4 billion last year. The report also notes that European Union countries installed a record 16.2 gigawatts of additional wind-energy capacity in 2023 with onshore wind farms accounting for roughly 80% of the capacity.

WindEurope says EU policies designed to accelerate wind-project permits as well as proposals that helped wind projects access much-needed financing also contributed to the sector’s growth. Spain and Germany both permitted 70% more onshore wind projects last year compared to 2022. Germany currently has the most installed wind-power capacity in Europe followed by Spain and the United Kingdom.

The WindEurope report projects that Europe will install an average of 29GW of wind-power capacity annually from 2024 to 2030, putting the region’s total wind capacity at 393GW by the end of the decade. This would bring the EU very close to the 425GW renewable energy target for 2030. WindEurope’s chief policy officer, Pierre Tardieu, notes that it would put the EU “within striking distance” of meeting its ambitious 2030 wind-energy targets.

In late 2023, the European Commission warned that EU nations would not meet their 2030 energy goals if they didn’t institute stronger emission-reduction policies. An assessment of EU countries’ climate-change mitigation plans revealed that they would cut greenhouse-gas emissions by 51% by the end of the decade, 4% short of the regional bloc’s 55% emissions reduction goal.

Still, the region has taken concrete steps toward cutting emissions. Greenhouse-gas emissions in the EU have fallen significantly since 1990, and the region has installed a record number of renewable energy projects in the interim. However, these relatively low clean-energy developments coupled with continued fossil-fuel use means the EU may not meet its climate goals in time. Slow investment into necessary power grid upgrades could also hinder wind-energy adoption in the region.

With entities such as Turbo Energy S.A. (NASDAQ: TURB) making progress in developing and distributing systems geared at storing PV energy in Europe, the green-energy facilities that are being constructed across the region will have mechanisms to store energy for use during times when generation isn’t possible, such as at night when there is no sunlight.

NOTE TO INVESTORS: The latest news and updates relating to Turbo Energy S.A. (NASDAQ: TURB) are available in the company’s newsroom at https://ibn.fm/TURB

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