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Renewables could cover more than ⅓ of energy demand in Central and South Eastern Europe

Renewables could cover more than ⅓ of energy demand in Central and South Eastern Europe

Brussels, October 6 - Neftegaz.RU. A new report by the International Renewable Energy Agency (IRENA) explores cost-effective growth of renewables in Central and South Eastern Europe to save costs, enhance energy security and supply affordable energy to all citizens in the region.

Within 10 years, the economies of Central and South Eastern Europe could cover 34% of their rising energy demand cost-effectively with renewables.

The Renewable Energy Roadmap for the Central and South Eastern Europe energy connectivity initiative (CESEC) shows that accelerating the take-up of renewables in the region could save CESEC citizens an estimated € 3 billion per year in energy costs in 2030. Furthermore, the economic value of avoided health, environment and climate damage could push total benefits to society up to € 35 billion per year in 2030, IRENA finds.

IRENA’s energy transition path for the region estimates that additional investments of € 78 billion are needed between now and 2030 in order to enable CESEC members to build an energy system that is substantially less reliant on imported fossil fuels, while delivering energy at competitive costs.  Moreover, accelerating the take-up of renewables in the region would cut additional greenhouse gas (GHG) emissions by 21% beyond planned policies – comparable to today’s total emissions of Romania and Bulgaria combined.

By placing energy transition investments, regulations and policies at the heart of the region’s economic development, policy-makers can simultaneously alleviate the socioeconomic impact of the COVID-19 pandemic, stimulate green recovery and sustainable job creation, and accelerate the transformation of the energy sector.

"Central and South Eastern Europe has a tremendous potential for renewable energy", said IRENA’s Director-General Francesco La Camera. "Renewables can reduce the region’s energy bill to the benefit of citizens and industry while improving energy security, air quality and aligning the region with long-term decarbonization goals of the Paris Agreement. Renewables also provide countries with a cost-effective way out of fossil fuels and towards a modern, resilient and sustainable energy future.

IRENA estimates that all CESEC members have cost-effective potential to accelerate the deployment of renewables over the next decade beyond current policies. By stepping up capacity, the share of renewables in the energy mix in CESEC members would reach 23% to 56% in 2030.