European Commission evaluates a 45% renewable target - What does this mean for the RES-E GO market?

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Reportedly, the EC is looking at the feasibility of accelerating renewable energy uptake. In July 2021, the Commission proposed in its Fit-for-55 package a target of 40% by 2030. This could be upped to 45% now, also in light of the recently high energy prices across Europe and the dependency on Russian fuel supplies. The streamlining of permitting processes for renewable projects is seen as a key action to facilitate these gains.

While the Ukraine crisis has spurred conversations on EU energy supply, high energy prices and volatility since mid to late last year has also been an ongoing motivation. The latest 45% push already has the support of industry group SolarPower Europe and aligns with the recent EC intent to be free of Russian fossil fuels by 2027.

Under the previously proposed REPowerEU plan, an earlier response to the...