European Parliament backs increasing renewable mix target to 42.5% by 2030 from 30% previously


Banco Sabadell: European lawmakers have voted to increase Europe’s renewable energy mix target for 2030 to 42.5% from 30%. The agreement was reached after concessions were made to France and some European countries over nuclear power. The law incorporates that national authorities should only allow up to two years to approve renewable projects, considering them to be in the public interest and simplifying administrative procedures.

Assessment: Although the news is positive because of the authorities’ ambitious goal of a renewable energy mix, its achievement is still being questioned due to the enormous obstacles that exist in the region. Beyond permitting or financial costs, there is also a lack of visibility on the demand for electricity in the medium term, storage technologies and a greater deployment of networks and infrastructures.

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