The first part of the study focuses on the competitiveness of renewable energy technologies within the heating and cooling industry. It estimates that the four main renewable heating and cooling solutions (biomass, biogas, heat pumps and solar-thermal segments) already account for more than 650,000 full-time jobs and accrued a combined turnover of EUR 67.2 billion in 2017 – that’s close to half of those working in renewable energy sector in the EU (1.4 million) and equivalent to 43% of the overall renewables turnover (EUR 155 billion in 2017). Nevertheless, the study also finds that there are significant barriers to achieving full industrial competitiveness. To address this, it recommends creating a European heating and cooling market where carbon prices are internalised, thereby providing a level playing field and increasing the competitiveness of renewables-based alternatives compared to fossil-based solutions. The study also suggests removing the current bias towards fossil-fuel solutions, for example by upgrading the skills and awareness on the side of installers and technology buyers and streamlining technical requirements, certification, standardisation and licensing requirements in Europe to open up local markets.
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The second part of the study examines the competitiveness of corporate sourcing of renewables, which saw significant growth in 2018. The results show that corporate sourcing of renewables improves the competitive advantage of European companies, but that they face a number of barriers when trying to source renewables. This assessment shows that if EU-based industrial and commercial companies committed to source renewable electricity to meet 30% of their total demand of electricity by 2030, then the EU renewable energy sector would generate more than €750 billion in gross added value and over 220,000 new jobs.
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By looking at the 2030 renewable heating and cooling targets for every Member State, the study also provides important input for the development of the National Energy & Climate Plans (NECPs) that the Member States have to finalise before the end of 2019, recalling that only 16 Member States have included 2030 renewables heating and cooling targets in their draft NECPs submitted earlier this year. The report also includes an analysis of the barriers to corporate sourcing of renewables in 10 EU Member States and provides suggestions to facilitate the use of Power Purchase Agreements.
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The Indian renewable energy sector is the fourth most attractive renewable energy market in the world as per the Renewable Energy Attractiveness Index 2018. Installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 19.78 per cent between FY14–18. Power generation from renewable energy sources in India reached 101.84 billion units in FY18 and 126.76 billion units during April 2018-March 2019. As of October 2018, India ranked 5th in installed renewable energy capacity, and second among the emerging economies to lead to the transition to clean energy in 2018.
The Government of India allows a 100% FDI under the automatic route for projects of renewable power generation and distribution. India, therefore, offers one of the largest investment opportunities in the renewable space.
Image Courtesy: Physics World, AsiaPacific.ca
[DIDHITI GHOSH is an India Columnist at La Agencia Mundial de Prensa, USA, Bureau Chief of Indian Observer Post based in Kolkata & Conference Interpreter (Spanish-English-Bengali). E-mail: didhiti.24@gmail.com | LinkedIn: https://bit.ly/2H6gNAv].
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(Onkareshwar Pandey is Founder, Editor in Chief & CEO, Indian Observer Post and former Senior Group Editor- Rashtriya Sahara (Hindi & Urdu) and also former Editor, (News), ANI. http://bit.ly/2mh7hih)
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