The share of electricity generated from renewables in the EU energy mix (39%) exceeded the share of fossil fuels (36%) in 2020 for the first time ever and EU consumption of both electricity (-4%) and gas (-3%) fell from 2019 levels, but most of the drivers for this change (notably the COVID-19 pandemic) were exceptional, according to the latest Commission quarterly reports on gas and electricity markets published today.
Arek Sinanian | There appears to be a continuing struggle between economic rationalism and efforts to abate greenhouse gas emissions and, in particular, commitment to the 2015 Paris Climate Agreement. I have no doubt that such struggle and disjointedness in the introduction of renewables into the mix of the global energy supply is inevitable. After all, it’s another industrial revolution of sorts — one that is green in color instead of a black sooty one.
Veena Trehan | Obama’s legacy will be scarred if he deviates from focusing on addressing climate change. In August 2015, US President Barack Obama made a memorable trip to the Arctic just months after approving Shell’s drilling off the coast of Alaska. At the time, he said: “Climate change is no longer some far-off problem; it is happening here, it is happening now.”
MADRID | The Corner | Head of Economics at the International Energy Agency remarked that “the investment in renewables in Europe has tripled the US’ investment in the entire shale gas production.” Prices are 20% below the right level to recover the cost of new investments due to the existence of overcapacity and subsidised prices in renewables.
BERLIN | By Alberto Lozano | The German ambitious switch from nuclear and carbon-based energy toward renewables remains the biggest challenge for the first EU economy. The country’s industrial sector and consumers are worried about how much they will have to pay in terms of prices, competitiveness and jobs.