Factor

New market prices on renewable energy means 2030 targets can be set even higher

13 October 2017 | Mitigation

A healthy development in offshore wind has enabled steep cost reductions in wind power, creating the opportunity to exceed the current 2030 European RES target.

The EU agreement stating that 27 percent of the energy supply should come from renewable energy sources was made on the assumption of a cost level that would reach €123/MWh in 2020. However, current costs are much lower, as recent development in offshore wind has made it possible to deliver green power at almost half the price of what was originally estimated. This creates the opportunity to enable a shred vision of a Europe running on green power can be met.

Enormous potential

Regarding the journey towards a full green European profile, there are signs that future wind power operations will be running autonomously.

An offshore wind project in Germany without subsidies from the government have been awarded this year, to be ready in 2024. This makes choosing renewable energy sources a sound business choice, benefitting both the economy and the climate.

However, there’s still a long way to go regarding a global shift towards green energy. To put it into context, about 80 percent of global energy supply remains fossil based.

Professor Sebastian Mernild, a Ph.D. specialist in climate change from the University of Copenhagen, is pleased to see companies aiming for renewable energy solutions, stating: “When major companies liberate from providing black energy sources, such as oil and coal, we can only hope it sends a clear political signal and creates opportunity to raise the ambitions of an all green future. We need it, yesterday.”

 

 

Source: Politico