Ukraine conflict could speed up Germany's green energy transition, study says – Reuters

A wind turbine stands out against the sky as the sun sets over the Black Forest with the French mountain range of the Vosges in rear, November 10, 2020. Picture taken from the Brandenkopf lookout near Zell am Hamersbach, Germany November 10, 2020. REUTERS/Joachim Herrmann
BERLIN, July 17 (Reuters) – The consequences of the Ukraine conflict could accelerate Germany's green energy transition despite Berlin's decision to reconnect coal-fired power plants to compensate for falling fossil fuel supplies from Russia, a study published on Sunday showed.
The German government has been pushing for a shift to renewable energy, aiming for renewables to contribute 80% of the country's electricity generation by 2030.
The study by credit insurer Allianz Trade found that Germany's green energy goals were likely to increase the share of renewable energies in the electricity mix in the medium term, even beyond what would be required to meet the Paris climate targets by 2035.
The study found that an increase of coal-fired power generation, which the German government approved earlier this month, will not raise CO2 emissions in the European Union because the production will be limited by the EU emissions trading system.
The study said it was unlikely that coal would become a long-term replacement for Russian gas because of the high EU emissions trading prices.
"(Coal-fired power generation) will be pushed out of the market," the study's author Markus Zimmer said.
He also said that planning and approval procedures for renewable energy must be simplified and accelerated to meet the German government's goals.
The study estimated that Germany's renewable energy expansion in electricity would need annual investments of around 28 billion euro up to 2035, and the industry would need some 440,000 workers from 2022 to 2035 to meet the targets.
Our Standards: The Thomson Reuters Trust Principles.
Mark Hillsdon
Oliver Balch
Caroline Palmer
Angeli Mehta
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source


0Shares

Add a Comment

Your email address will not be published.