EIB teams up with Deutsche Bank to support wind energy industry

V.R.
English Section / 1 august

EIB teams up with Deutsche Bank to support wind energy industry

Versiunea în limba română

The European Investment Bank (EIB) will provide Deutsche Bank with guarantees of 500 million euros to help the lender support Europe's wind energy industry, the two organizations and the European Commission announced yesterday, according to Reuters.

The so-called counter-guarantee is the first of a five billion euro initiative announced in December by the EIB, to increase the wind energy capacity of the community bloc, notes Agerpres.

The European Commission recently presented measures to mobilize support from commercial banks to expand Europe's wind energy industry to meet climate goals and improve energy security following Russia's invasion of Ukraine.

Counter-guarantees are pledged to cover losses if the borrowing firm defaults.

The EIB's decision will allow Deutsche Bank to set up a portfolio of up to one billion euros to provide guarantees for investments in grids and wind power generation.

This portfolio would add investments of up to eight billion euros by individuals and legal entities, announced the two organizations and the European Commission.

The euro5 billion EIB initiative could support the construction of 32 gigawatts (GW) of new wind power capacity, helping to meet the EU's target of 117 GW of new capacity by 2030.

The EU recorded the greenest energy mix in 2024

Since the beginning of this year, three-quarters of the EU's electricity has been generated by energy sources without carbon dioxide (CO2) emissions, which means the EU bloc's greenest energy mix to date, according to data published in June by Eurelectric , a profile association representing the electricity industry at European level, according to Reuters.

Emission-free sources produced 74% of the EU's electricity in the period January-June 2024, of which 50% was renewables such as wind and solar, and 24% nuclear.

"Electricity generation in Europe has never before had such a low-carbon profile," Eurelectric's general secretary, Kristian Ruby, told Reuters.

Coal produced 9% of the EU's electricity and gas 13% - the lowest shares ever for each fossil fuel.

The main driver of the change in Europe's energy mix was the rapid installation of renewable energy capacities. Last year, the EU built 56 gigawatts (GW) of new solar capacity - the highest level ever - and 16GW of new wind capacity.

However, Europe's electricity demand has fallen, making it easier for green sources to cover a larger share of the total energy mix. EU energy demand was 5.8% lower in the first half of 2024 compared to the same period in 2021, notes Agerpres.

Energy prices hit record highs in 2022 in Europe after Russia significantly cut gas supplies to the continent. The resulting energy crisis forced industries and consumers to use less energy to lower bills, and some industries have yet to return to pre-crisis production levels.

More green energy will help Europe meet its climate goals and reduce its dependence on fossil fuel imports. But there are indications that outdated power grids are unable to cope with the changing energy mix.

Ruby called on authorities to invest in upgrading electricity grids to cope with the higher share of renewable energy capacity, including by adding storage capacity to absorb excess cheap energy so it doesn't go to waste.

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