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According to remarks made by EU Commission President Ursula von der Leyen today at the COP27 climate conference in Sharm El-Sheikh, Egypt, the European Union intends to significantly increase the deployment of renewable energy, with a goal of deploying a record 100 GW of renewable capacity in 2020, after more than doubling the deployment to 50 GW in 2022.
Von Der Leyen stated that the plans are part of the EU's REPowerEU, a €300 billion strategy proposed in May to reduce European reliance on Russian fossil fuels by deploying renewable and clean energy capacity, among other measures.
According to the president of the EU Commission, "the global fossil fuel crisis must be a game-changer," with the need to vastly expand the deployment of renewable energy addressing both the need to combat climate change and ensure energy security.
Von Der Leyen said:
Because we know that every kilowatt-hour of electricity we create from renewable sources – such as solar, wind, and green hydrogen – is not only beneficial for the environment, but also for our independence and supply security.
Von Der Leyen also highlighted a number of the clean energy and climate-focused initiatives supported by the EU at COP27, including the signing of new hydrogen partnerships with Egypt, Namibia, and Kazakhstan, and the support of countries such as Vietnam and South Africa in their decarbonization efforts.
In her remarks, von Der Leyen also urged developed nations to satisfy their duties to mobilize $100 billion per year in climate finance, a goal that was previously set for 2020 but has not yet been achieved. According to a recent analysis by Canada and Germany, the $100 billion goal is likely to be met next year.
Von Der Leyen said:
"We have topped €23 billion for the second year in a straight, despite the COVID-19 pandemic and the Russian war. Moreover, the majority of our climate finance is already allocated to adaptation. Thus, it is possible, and we urge others to contribute as well."
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