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    The EU Green Deal Industrial Plan For Clean Energy Tech

    The EU Green Deal Industrial Plan For Clean Energy Tech

    Solar To Be The Highest Among All Other US Power Generation

    Annual US Renewables Investment Expected To Grow Rapidly

    US Authorities Seek To Reduce Regulations On Offshore Wind

    US Authorities Seek To Reduce Regulations On Offshore Wind

    Investment In Clean Energy Tech Crosses The $1 Trillion Mark

    South Korea Lowers The Renewables Target For Nuclear Power

    Sweden Aims To Legalise More Nuclear Power Plant Expansion

    Despite Challenges, EU New Wind Installations Rise By 33%

    Seven Dormant Japanese Nuclear Plants To Be Reactivated

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    Refiners Should Not Be Making Above Normal Profits- Biden

    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Atlas and Hitachi to develop energy storage systems for renewable projects

    Nine New Countries Sign Up for Global Offshore Wind Alliance at COP27 in Sharm El-Sheikh

    SolarDuck to build 5MW floating solar demonstrator integrated with offshore wind farm

    United Kingdom Onshore Wind Generation Has Now Reached 37GW

    ABO Wind connects first wind farm in Poland

    US Authorities Seek To Reduce Regulations On Offshore Wind

    Europe’s latest wind offshore auction mainly using non-price criteria is a success

    Italy's Innovatec targets EUR 100m in revenue from new solar business

    Italy’s Innovatec targets EUR 100m in revenue from new solar business

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

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The EU Green Deal Industrial Plan For Clean Energy Tech

in News, Renewable Power
The EU Green Deal Industrial Plan For Clean Energy Tech

The European Union (EU) has brought to the fore its intention for the Green Deal Industrial Plan, a support program for clean energy technologies, including energy, which is modelled like the Inflation Reduction Act.

Ursula von der Leyen, president of the European Commission, made an announcement last week ending January 21 after senior decision-makers expressed concern that the recent US investment of a $369 billion-plus incentives package for both upstream and downstream renewable energy sectors was syphoning off potential investment from Europe.

According to von der Leyen, it is no secret that some aspects of the Inflation Reduction Act’s design prompted several questions regarding some of the targeted incentives for businesses.

To address this, the bloc has a new strategy to make Europe the headquarters of clean technology and industrial development on the road to net zero.

The first pillar of the strategy, is to establish the legislative framework necessary for the quick scale-up of industries essential to achieving net zero, such as wind, heat pumps, solar, clean hydrogen, and storage.

The Commission President continued by emphasising how Europe was unduly dependent on outside nations for the supply of rare earth elements necessary for the production of technology like wind turbines and batteries, particularly lithium, and how they needed to increase the refining, processing, as well as recycling of raw materials in the region.

The idea is to help Europe reach its elevated renewable energy targets under the REPowerEU plans, which have come into existence in response to Ukraine’s invasion by Russia.

Another three pillars of the Green Deal Industrial Plan include:

  • Giving clean tech production investment and financing a boost
  • Developing the abilities that are needed to get the transition in place
  • Help in open, fair trade so as to benefit one and all

Elaborating on the fourth pillar and referring to the Inflation Reduction Act, von der Leyen opined that they should work on making sure that their respective incentive programmes are mutually enforceable and fair too. Besides, it should also be ascertained as to how they can jointly benefit from this huge investment, such as by creating economies of scale throughout the Atlantic and even setting common benchmarks.

Since the time the US passed its assistance product in August 2022, its anticipated domestic battery manufacturing capacity for 2031 has been expanding twice as quickly as Europe’s, despite the latter’s head start, meaning it still has a higher figure at this time.

In the meantime, the US Act has expanded the production tax credit (PTC) and investment tax credit (ITC) incentives for solar and wind, which have accelerated industry growth and deployments of both technologies. Additionally, the US act has included an ITC for standalone energy storage projects.

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