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

Welcome to the PE Media Network

PE Media Network publishes Petroleum Economist, Hydrogen Economist and Carbon Economist to form the only genuinely comprehensive intelligence service covering the global energy industry