Renewable energies, especially wind and solar, play an essential role in The European Green Deal launched by the European Commission this week during the Climate Summit (COP 25) that is being held in Madrid.

The main goal of the European Commission is to make Europe the first “climate-neutral” continent. This objective implies reducing greenhouse gas emissions by 55% compared to 1990 and achieving carbon neutrality by 2050, that means, for every gram of CO₂ or equivalent that is emitted to absorb the same amount through trees and technological solutions.

Since 75% of greenhouse gas emissions come from energy production and consumption in Europe, the sector will have to make an huge effort to help the Green Deal achieve its objectives.

The road map of the European Commission includes various legislative actions in the years 2020 and 2021 in order to boost the essential measures to decarbonize the economy. Thus, in June 2021 the revision of the Renewable Energy directive is planned, which will mean a new regulatory impulse for this industrial sector.

The European Commission will support its initiative with a Fair Transition Fund, endowed with between 5,000 and 7,000 million euros from the community budget. However, the community executive estimates that this figure can mobilize a total of 100,000 million euros if national co-financing, loans from the European Investment Bank (EIB) and private financing are added.