Unified action by the public and private sectors will be critical to Europe’s green energy transition, the World Economic Forum (WEF) says. Aside from investment into expanding Europe’s clean energy capacity, European nations will also have to upgrade the majority of their grids to ensure the transition isn’t hampered by bottlenecks and happens on track.
However, upgrading the region’s electrical grid will require over $636 billion in investment through the decade, more than the public sector can handle alone. As such, the private sector’s involvement will be key to ensuring Europe’s electrical grid can support the mass transition to renewables. A European Commission report says the over $636 billion investment will help Europe deploy 42.5% green energy into the grid by the end of the decade, as per Fit for 55 green energy targets.
Titled ‘The Future of European Competitiveness’ and written by former Italy Prime Minister Mario Draghi, the report noted that Europe will have to increase investment in important sectors such as energy innovation to remain competitive. Furthermore, the report said general investment-to-GDP ratios would have to increase by 5% annually, levels Europe hasn’t experienced in over half a century, for the continent to meet its digitalization and decarbonization needs.
Modernizing the grid will be a core aspect of Europe’s green transition strategy and will ensure European nations remain sustainable and competitive marketplaces.
The 2023 EU Grid Action Plan targets investments worth nearly $653 billion over the next 6 years to help modernize Europe’s grid.
According to the WEF, completing this nigh-insurmountable challenge will also require ‘unprecedented collaborations’ across stakeholders, sectors, and even borders. Such collaborations will be essential to increasing the region’s green energy deployment rates, speeding up decarbonization, and fostering economic growth.
The European Network of Transmission System Operators (ENTSO-E) is already working to attract large-scale investments to start funding the modernization of Europe’s grid. ENTSO-E findings also show that such investments would have societal benefits, such as cutting generation costs by $9.8 billion annually and avoiding 42 TWh worth of green energy curtailing yearly.
The investments could also reduce carbon dioxide emissions by a whopping 32 million tons every year and bring Europe closer to achieving its green energy goals. As Europe is home to some of the largest manufacturing hubs on the planet, the continent’s transition to clean energy would put a significant dent in global emissions and take the world a step closer to achieving environmental sustainability.
The need for more robust green energy infrastructure networks not just in Europe but around the world creates massive opportunities that firms like Energy and Water Development Corp. (OTCQB: EAWD) can take advantage of to advance their business objectives.
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