An energy system based on renewable sources would save the European Union (EU) 1.637 million euros by 2050, compared to a slow transition system, which would be equivalent to 9% of the EU’s Gross Domestic Product (GDP).
A report released this Monday, December 8, by the wind association WindEurope and the company Hitachi Energy concludes that an energy system based on renewable sources would save the European Union (EU) 1.637 billion (billion) euros by 2050, which would be equivalent to 9% of the EU’s Gross Domestic Product (GDP), or the community bloc’s joint health expenditure.
This conclusion compares a scenario of electrification and massive expansion of wind and solar energy, with a slow transition model, with prolonged dependence on fossil fuels.
The report also states that in 2035, the renewable scenario would save “331 billion euros compared to the slow transition scenario”.
The implementation of networks and renewable energies, taking into account the necessary investments, is also economically more favorable than alternatives that rely more on nuclear energy, hydrogen or the capture of Carbon Dioxide (CO2), according to the study.
“The energy system based on renewable energy implies a large increase in the proportion of electricity in the energy matrix. And this electrification requires important investments, especially in heavy industry. This was taken into account in the study. Even considering the necessary investment in electrification, the scenario based on renewable energy continues to be the most economical as a whole”, highlight the authors of the report.
The system with more nuclear energy, capture and hydrogen would increase the energy bill by between €487 billion and €860 billion by the middle of the century, when the EU committed to achieving climate neutrality, that is, to emit only the CO2 that it is capable of reabsorbing.
The most aggressive scenario in terms of renewable energy would, in addition, reduce the EU’s dependence on its energy imports from the 71% predicted for 2030 to 22% in 2050, according to WindEurope and Hitachi Energy.
“On the other hand, in the slow transition scenario, dependence continues to be 78% in 2030 and 54% in 2050”, state the authors, adding that the system based on renewable energy would also have positive effects on the job market.
The European wind industry currently employs 440,000 people and will employ 600,000 in 2030, according to sector calculations.
“This transition is underway. When looking to 2050, it is worth remembering what our energy system was like 25 years ago. In 2000, the combined share of wind and solar energy in European electricity was 0.8%. Today it is 30%. And European emissions have been reduced by almost a third compared to 2000, while the economy has grown by 45%. Let us continue to build on this success”, summarizes Wind Europe.