Recovery and Resilience

It should come as no surprise that clean energy spending is a big chunk of Warsaw’s four-year EU grant and loans package, given that the nation’s grid-connected solar capacity rose from 3.99 GW at the end of 2020 to 6.3 GW four months ago, according to the International Renewable Energy Agency.

The 22 nations which have had their “recovery and resilience” spending plans approved by the European Commission are set to devote billions to clean energy facilities, with the cash set to be disbursed in three payments to the end of next year.

The Paris-based body expects the world will have installed almost 160 GW of solar this year, a record number, but still not enough to keep the prospect of a net zero global economy by mid century in sight.

The current planning regulations would mean Italy not hitting its 2030 climate change targets for another 70 years and clean energy trade bodies say the Simplification Decree being debated in parliament – which was drafted to secure €191 billion of EU cash and loans – does not go far enough.

The bloc’s latest two bonds were oversubscribed more than 11 times yesterday as the European Commission announced the results of a second fundraising round which already puts the EU almost halfway to the €80 billion it intends to generate through such instruments this year.

Developer Terna Energy claims the Amphilochia pumped hydroelectric energy storage project has entered the final stretch. If built, the large scale facility can boost Greece’s independence from fossil fuels and the government’s strategy for a coal-free electricity system by 2025.

The investment has been planned as part of the nation’s recovery and resilience plan to access EU funds for its post-Covid economic stimulus package. The spending plans of Portugal and Greece have also been approved by the European Commission in the last 48 hours.

The trade body has highlighted a lack of explicit PV industry support in EU member states which already host domestic manufacturers, such as Germany, France, Austria, Belgium and Lithuania, and says the focus on green hydrogen could exacerbate the solar trade deficit with Asia.

A clean energy plan drawn up by the European Commission includes details of the various funding pots available to help ocean-based renewables hit 340 GW of generation capacity by mid century.