'EU needs EUR210bn in wind, solar financial investment'

• These eco-friendly innovations are most encouraging short-term solutions to energy crisis, says Capgemini

An extra EUR210bn will be needed for energy investment between currently as well as 2027, if the EU is to achieve energy safety and lower dependence on gas in the shorter term, according to Capgemini.

In its most current World Energy Markets Observatory (WEMO) report, Capgemini discovered that currently, wind as well as solar technologies are one of the most promising remedies, however that more investment is needed.

Colette Lewiner, Energy as well as Utilities Senior Advisor at Capgemini, said: "A mindful equilibrium needs to be struck.

" This means making the ideal wagers for short-term services like solar as well as wind, while for the longer term building third generation large nuclear plants or SMRs in nations that can create such programs."

The WEMO report also claimed there was a need to be "sensible concerning the effectiveness and also use cases" of hydrogen and stated financial investment in CCUS innovations are key to lowering CO2 exhausts rising from the coal renewal.

Lewiner stated: "We need to be practical regarding emerging options as well as the effect they can deliver.

" As an example, for economic as well as technical factors, hydrogen is out track to fulfil its net zero role by the mid-century.

" Therefore, Eco-friendly Hydrogen need to be scheduled for sectors where CO2 is challenging to abate."

Of the renewable solutions readily available, the WEMO report specified solar has "substantial development possibility" as a result of advancements with cutting-edge products and also techniques to increase solar power such as bifacial cells, incorporated lenses, and also turn around photovoltaic panels, which can generate electrical energy at night.

The report also found that solar sites are additionally "much more palatable" to local communities when compared with wind.

" However, presently 75% of all Photovoltaic (PV) solar panels come into the EU from China, leading, over the last decade, to the decrease of EU domestic PV manufacturing.

" Europe should be careful not to change Russian gas dependency by a reliance on players like China for key energy shift components like PV panels, rare earth and rare-earth element," the report stated.

The report also suggested governments to increase down on climate activity.

" Political will certainly to combat environment adjustment, particularly from biggest emitters like the United States, EU, China, as well as India, have to proceed (and re-start) to achieve meaningful progress."