Renewables could save the EU $20bn in fuel import
Snapshot from the Geolec GIS map website (source: Geolec)
Alexander Richter
21 May 2014
According to a recently released paper from the AEBIOM, EGEC and ESTIF, renewable energy is a reality that could be of great assistance for saving fuel costs in the EU.
According to a paper released yesterday by AEBIOM, EGEC and ESTIF on the effect of renewables on the EU can be greatly beneficial. The Press release highlighted the following:
- The current security of supply emergency is mainly a heating crisis:
The renewed concerns for our security of supply are mainly due to the EU’s heavy dependency on natural gas from Russia. Indeed, natural gas is mainly being used in the following sectors: 41% for heating of buildings, 31% for industrial processes, and only to a lesser extent in power plants (~25%).
- Renewables for heating and cooling must be a pillar of the EUs energy security:
- Saving the EU up to €21.2 Billion Annually in avoided gas Imports:
By achieving the targets for renewables in heating and cooling (21.4 % in 2020), the EU could reduce its gas imports by the equivalent of 28.7 Mtoe annually in 2020. With current average import prices, this would save the EU some € 9.6 bn. However, with more ambitious policies, it would be possible to cover 25% of the total heat demand by the end of this decade. The annual savings in reduced fossil fuel imports would amount to as much as € 21.8 bn compared to 2012.
- Proposal for a 2030 climate and energy framework- a missed opportunity:
Renewables for heating and cooling are vital to reduce energy dependency as well as to decarbonisation and competitiveness. However, the Commission’s 2030 proposal, setting out a single GHG emissions reduction target of 40%, would only imply an increase of renewables in heating and cooling from 21% in 2020 to some 25% in 2030. This is simply the equivalent of business-as-usual and needs to be urgently reconsidered.
- Stable and long-term framework conditions called for.
