Europe's Renewable Energy Ranking: Denmark Leads, Czech Republic Struggles
Fresh Spin on EU's Renewable Energy Landscape
Brace yourself for some eye-opening electricity stats! The EU's renewable energy sector is on fire, with almost half of its electricity generated in 2024 coming from green sources! Here are the powerhouses and the laggards in Europe's renewable energy race, based on a report by Eurostat.
The Renewable Energy Titans and their Champions
Denmark holds the crown, with 88.4% of its energy production coming from wind power, followed by Portugal with 87.5%, boasting a combo of wind and hydro. Croatia claims the third spot with a renewable energy percentage of 73.7%, mostly hydro.
The Air’s Choking on Wind and Hydro
Wind and hydroelectric power account for more than two-thirds of the EU's electricity generated from renewable sources. Eurostat reports that wind contributes 39.1%, and hydroelectric power follows with 29.9%. The remaining third comes from solar (22.4%), biomass (8.1%), and just 0.5% from geothermal energy.
Noteworthy laggards include Luxembourg (5.1%), Malta (15.1%), and the Czech Republic (15.9%). Italy is smack dab in the middle, not reaching 60%.
Sustainable Energy is on the Rise in Europe
Over the past 19 years (2004–2023), the share of renewable energy has tripled in the EU. The EU reached a massive 24.5% of its gross final energy consumption from renewables in 2023, a 1.5 percentage point increase from 2022, and roughly three times larger than in 2004 (9.6%).
The EU's 2023/2013 directive on the promotion of the use of energy from renewable sources has raised the EU's 2030 target for renewables from 32% to 42.5% (with the aim of increasing it to 45%).
What’s Brewing in Italy?
In Italia, the picture looks promising. According to Terna's data, a company that manages the national transmission grid, renewable sources reached their highest-ever coverage of demand at 41.2% (compared to 37.1% in 2023). The positive contribution mostly came from hydroelectric and solar production.
Electricity demand has increased everywhere in Italy: +2.2% in the North, +2.3% in the Center, and +2.1% in the South and Islands.
As for supply, Terna reports that in January 2024, renewable production experienced a significant increase (+13.4%), and there was a slight decrease in the net balance with abroad (-0.5%). This was due to a strong increase in exports (+47.9% compared to 2023) and a more modest increase in imports (+2.4%).
References:
[1] Eurostat. (2024). Production of energy from renewable sources in EU countries.
[2] Euractiv. (2024). EU reaches all-time high in renewable energy capacity additions.
[3] BloombergNEF. (2024). Global Solar Demand Sets Records Despite COVID-19.
[4] Terna. (2024). Italian Network Data fourth quarter 2023.
[5] IRENA. (2024). Global Renewables Outlook: What if we scale up faster?
- As the renewable energy industry continues to flourish in Europe, there are increasing opportunities for investment in sustainable energy finance, such as backing projects in Denmark, Portugal, and Croatia, which lead in renewable energy production.
- In the aerospace sector, innovations in wind turbine and hydroelectric power technology could potentially revolutionize how renewable energy is harnessed and transmitted, further enhancing Europe's renewable energy landscape.
- Given the significant growth in renewable energy sources like wind, hydro, solar, biomass, and geothermal throughout Europe, it is crucial for policymakers to prioritize funding and support to ensure a stable and efficient energy transition, maximizing the benefits for both the environment and the economy.
