War drives ‘small acceleration’ in Europe’s transition
Share of renewables in Europe’s energy mix rises as the continent turns away from Russian gas imports, DNV modelling shows
The war in Ukraine will cause a “small acceleration” in the energy transition in Europe as the region turns to renewables to help offset falling Russian gas imports, according to risk management firm DNV. DNV’s new modelling shows the share of non-fossil energy sources in Europe’s energy mix rising to 34pc in 2024, up by 2pc compared with the firm’s modelling from before the Russian invasion. Among renewable power sources, solar will see the sharpest acceleration, with a 20pc rise in its share of the energy mix by 2026 compared with pre-war modelling. DNV also forecasts a 25pc rise in the use of green hydrogen compared with pre-war projections, although it says the volumes will remain modest
Also in this section
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation