By Constantin Radut
The resumption of economic growth following the Covid-19 pandemic has found Europe and many other countries in a state of disarticulated energy. The energy from fossil resources is destructured, and the energy from renewable energies is unsustainable for the functioning of the national economic engines.
In June 2021, the G7 summit pledged to achieve zero net greenhouse gas emissions by 2050. How? By removing energy capacity from fossil resources in the first place. And the exponential growth of renewable resources. Global electricity production is expected to increase 2.5 times between 2021 and 2050. This means that while about 3% of the world’s energy is currently from wind and solar energy, by 2050 it should be around 70 %.
Impossible. That’s what most governments in developed and less developed countries are saying now.
“When the EU tried to decarbonise its energy infrastructure, Brussels failed to create a viable capacity for electricity generation. Without the big nuclear, coal and gas power plants, Europe would really be a dark and cold place today, ”is how the American Forbes magazine describes Brussels’ energy strategy. This means that there are no energy sources for periods when there is a reduced capacity for renewable sources, such as last summer’s “windless summer” and this winter.
Last fall, Bank of America calculated for the first time the possible costs of implementing zero-emission energy policy measures and targets. The US bank’s report has sparked a storm between pro and anti-climate change camps. It quantifies an exorbitant cost of economic, environmental and social transformations in modern history.
The report shows that capital investments of at least $ 150 trillion are needed to reach a “net zero” world in 30 years. That would be about $ 5 trillion in annual investment. Who will pay this huge sum? Private investors can’t do that much.
At the same time, global electricity production is set to increase 2.5 times between now and 2050. It also means that while only about 3% of the world’s energy is currently from wind and solar energy, by 2050 should be around 70%.
Renewable energy is not a miraculous solution to ensure energy autonomy.
Most energy experts agree that the ambitious climate targets set by the Brussels bureaucracy have largely led to an energy crisis, which is affecting consumers. The economic recovery, unfavorable weather conditions, political tensions with the Russian Federation are causes that have led to rising gas prices and the energy crisis that Europe is going through. At the same time, the above have demonstrated the current limits of renewable energy, especially in countries that have embarked on an ambitious climate transition.
In many states that encourage the priority of wind farms and photovoltaic parks, there are strong disputes for and against renewable energy. Because, for now, the efficiency of these investments is not able to dethrone natural gas and coal, but neither is nuclear energy.
For these reasons, as I have pointed out, the European Commission is proposing to the European Parliament a project to support investments in nuclear energy and relaunch the use of natural gas in power plants.
By Constantin Radut