EU Raises 2030 Renewable Target to 45%, Mandating €210 Billion Clean Energy Investment

On September 14, the European Parliament approved the Renewable Energy Directive with 418 votes in favor, 109 against, and 111 abstentions. This legislation elevates the EU's 2030 renewable energy target to 45% of final energy consumption.

Evolution of EU Targets:

    • 2018 baseline: 32% renewable energy by 2030

    • June 2022: EU energy ministers agreed to 40% target

    • September 2022: Parliament ratified 45% target after legislative negotiation

Investment Requirements:

To achieve this objective, the EU must invest €210 billion (≈¥1.46 trillion) between 2023-2027 across key technologies:

    • Solar photovoltaics

    • Hydrogen

    • Biomass

    • Wind

    • Nuclear

Solar energy constitutes the primary investment focus. As the global leader in PV manufacturing, China stands positioned as Europe's primary supplier for this expansion.

Photovoltaic Deployment Targets:

The 600GW target represents an ambitious second doubling of installed capacity within just five years (2025-2030).