Thursday

14th Nov 2019

Europe needs enormous energy investments

If present trends continue, enormous investments will be needed in Europe over the next three decades to satisfy the need for energy supply, the International Energy Agency (IEA) announced in Brussels today (6 November).

An estimated two trillion euro is needed in Europe up to 2030. That means that during the next few decades European countries need to allocate 0.4 percent of GDP to energy investment, on average, each year.

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On the other hand Russia’s investment requirement amounts to five percent of GDP.

European Union countries need to invest the most in the electricity sector and the majority of it will have to come from private investors, said Claude Mandil, Executive Director of the Paris-based IEA.

Barriers to investments

Mr Mandil also pointed out that Europe is soon to face another obstacle, ageing power plants. According to IEA research, most of the power plants are more than 20 years old.

As energy demands are expected to grow 1.4 percent, not only will old power plants have to be fixed but new ones will also need to be built.

Wind power will be the primary renewable source, the research highlighted.

"It is a wake up call to the European governments", Mr Mandil stressed. Lowering the barriers to investments is the key issue.

Liberalisation is very important, but it does not mean less government involvement, Mr Mandil added. The governments have to make sure that private money is willing to go where investments are needed most.

World-wide about 16 trillion euro needs to be invested in energy-supply infrastructure over the next three decades - that is equivalent to one percent of annual global GDP over the same period.

Demand to rise

"Without new policy actions, world energy demand will rise by two-thirds between now and 2030, and the world economy will falter if these energy supplies are not made available", stated the IEA.

The IEA, based in Paris, is an autonomous agency linked with the Organisation for Economic Co-operation and Development (OECD). The IEA is the energy forum for 26 member countries.

The European Commission also takes part in the work of the IEA.

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