The EU must invest massively in its electricity network. According to an EU document, this is an essential condition for the Union’s energy transition. Almost 500 billion euros are needed to ensure the continent’s energy transition during this decade.
The EU will thus have to develop the renewable energy sector while freeing itself from energy dependence on Russia.
A plan to digitize the EU network
According to the report unveiled to Reuters, an investment of 584 billion euros must be made by 2030. It will allow to accompany the rapid development of electric vehicles and thermal pumps. This would allow EU members to switch from fossil fuels to renewable energy sources.
Of this amount, the EU will have to allocate 4oo billion to finance the distribution network and 170 billion for the digitalization of infrastructure. The smart grid will thus optimize the ability to respond to local resources and fluctuating demand. These adjustments will result in less energy being wasted and less expensive slots being used.
European climate targets in focus
According to the document, reducing greenhouse gases by 55% and achieving a 45% share of renewable energy by 2030 will only be possible if the grid is adapted.
In order to meet European climate targets, Europeans will have to equip themselves with 30 million zero emission vehicles by 2030. They will also have to install solar panels on all new construction by 2029.
Investment in the modernization of the electricity network and its digitalization is essential in order to adapt it to take on a greater share of renewable energy. Consumers will be able to save energy from their solar panels or power their homes with electric vehicles.
States are responsible for national policies. However, the EU also finances cross-border energy programs. The EU advocates the use of the COVID-19 solidarity fund to accelerate the energy transition.
