Crisis or not, renewable energy is hot: To reap the rewards, governments and companies should act now

Download Crisis or not, renewable energy is hot (745kb)

It is with great pleasure that we present PricewaterhouseCoopers’ view on Europe’s developing renewable energy market. 2009 brings us new and difficult challenges. But it also offers real opportunities to change the course of our economies and the impact of the environmental footprint we will leave behind. As the European Union’s 2020 environmental targets - 20% less CO2, 20% more energy efficiency, and an overall energy mix comprising 20% renewables - loom nearer, data suggests we are not yet on course to meet these ambitious targets. Despite the economic downturn, now is the time for action. The investments required in renewables could contributie to reverse the economic downtrend.

To provide a sound basis for that action, we recently examined Europe’s future renewable energy marketplace through the lens of progress towards the 2020 goals. Our study considers the market’s potential, compares approaches in various countries, and puts forth some high-level recommendations for how governments and companies can reap the rewards.

Making renewable energy 20% of total energy consumption in the 27 countries of the EU will require an investment of €1.8 to €7.3 trillion over the next decade depending on the type of renewable technology. In practical terms, that will mean building more than a million windmills or installing enough solar panels to cover an area twice the size of Belgium.

A formidable challenge, no doubt. The opportunities, however, are proportionate to that challenge. The take-away from our study is really quite simple: The renewable market is set to become a major part of the energy sector - and the time to act is now.