Unlocking the Potential of Renewable Energy: Exploring Europe’s Energy Security in the Face of Climate Crisis and High Prices

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The global energy crisis has pushed countries to look for solutions from all sources of energy, such as oil, gas, solar, wind, nuclear and hydrogen. Subscribing to a premium subscription can provide in-depth articles and insights on the transition to renewables, Europe’s energy security between high prices and climate crisis, and how bets on hydrogen threaten to steal the show from gas.

Renewables and Hydrogen for Energy Security

The use of renewable energy sources such as solar, wind, and hydropower is becoming increasingly important in providing energy security. In 2019, renewables accounted for almost 28% of global electricity production, up from 24% in 2018. This trend is expected to continue with the International Renewable Energy Agency (IRENA) predicting that by 2030, renewables will account for more than 50% of global electricity production. Hydrogen is also playing an important role in the transition to a low-carbon economy. The European Commission estimates that hydrogen could provide up to 24% of Europe’s final energy needs by 2050. Furthermore, the cost of producing hydrogen from renewable sources has dropped significantly over the past decade and is now competitive with fossil fuels in some cases.
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Picture source: Richard Horvath