Analysis-Energy market turmoil shakes Europe’s green power plan
Europe’s plan to roughly double renewable power generation by the end of the decade to cut its emissions and reliance on imported Russian fuel is under threat from market turbulence that has shaken the economics of the shift to low carbon energy.
Russia’s war on Ukraine and the disruption of the gas supplies on which Europe had relied has injected urgency into the European Union’s move toward carbon-free energy.
It is negotiating a legally-binding target to generate 45% of energy from renewable sources by 2030, up from the existing target of 32% and renewable capacity of roughly 22% in 2021.