11 EU Countries Hit 2020 Renewable Energy Targets 5 Years Early
The EU was one of the first global regions to start a move towards renewable energy, and the news that 11 member states had already hit some 2020 targets by the end of 2015 highlights their commitment to fighting climate change.
Overall, the share of renewable energy in the EU gross final energy consumption (which includes such factors as power loss from transmission) doubled to nearly 17% in 2015 from a base of 8.5% in 2004. The EU wants that figure to reach 20% by year end 2020, a target that looks achievable.
Indeed, member states have now agreed a more ambitious target of 27% by 2030, spurred on by the success of 11 countries in achieving their targets five years early.
Bulgaria, the Czech Republic, Denmark, Estonia, Croatia, Italy, Lithuania, Hungary, Romania, Finland and Sweden are the countries ahead of the game, while Austria and Slovakia are within 1% of their targets, according to the EU statistical agency Eurostat.
The share of renewable sources in gross final consumption of energy has grown significantly in all member states, and continues to do so. Compared with a year ago, it has increased in 22 of the 28 Member States. With more than half (53.9%) of energy from renewable sources in its gross final consumption of energy, Sweden had the highest share in 2015, ahead of Finland (39.3%), Latvia (37.6%), Austria (33.0%) and Denmark (30.8%). At the opposite end of the scale, the lowest proportions of renewables were registered in Luxembourg and Malta (both 5.0%), the Netherlands (5.8%), Belgium (7.9%) and the United Kingdom (8.2%).
Each country has its own individually set target, depending on its starting point and other factors. So, while Austria needs to hit a figure of 34% the UK is required to reach 15%.
The countries furthest away from their targets are the Netherlands (8.2 percentage points from reaching its national 2020 objective), France (7.8 pp), Ireland and the United Kingdom (both 6.8 pp) and Luxembourg (6.0 pp).
As these countries strive to hit their targets, and others push on for an even greater share of renewables, more investment opportunities will arise in this growth market in the coming years.
OPEN Cleantech Equity Fund has targeted companies that have original, new technology in the renewable power generation and energy storage sectors, which will allow them to take significant market share in the coming years and offer good prospects for capital growth.
For more information on the fund please contacts us.