The “Energy Outlook 2021” report, published by ING, forecasts a year in which European solar and wind power will grow by 8% and 13% respectively, with the installation of an additional 35GW of green energy.

Starting the new year with good intentions is a traditional way for us to greet a new year. However, these good wishes are often quickly buried by the daily grind, becoming irretrievably forgotten. This is something the European renewable energy sector seems determined to change in 2021, as the new year begins with very optimistic forecasts regarding investment growth in solar and wind energy.

According to the reportEnergy Outlook 2021According to a recent report by the financial institution ING, 2021 will be a year of solid growth for the solar and wind energy industries, which are expected to see 8% and 13% growth, respectively, in Europe. This is why investment in the energy transition appears to be one of the two key priorities.major pillars of economic recoverythat the European Union has set itself to combat the major scars caused by the health, social and economic crisis caused by the COVID-19 pandemic, which still seems far from ceasing its damage.

How is this growth distributed between solar and wind energy?

Thus, according to the report, up to 35 GW of this type of clean energy would be connected to the European grid, requiring an investment of approximately €60 billion. Among the figures highlighted are 13 GW of onshore wind, 12 GW of small-scale solar projects, and 8 GW of [other projects].large-scale solar projectsor the 2 GW of offshore wind power. These encouraging figures complement the macroeconomic outlook, which anticipates 3.5% growth in the eurozone, translating into up to a 3% increase in energy demand from member countries. This demand could surge to between 4% and 5% if, in the best-case scenario, vaccine availability exceeds expectations, potentially leading to economic growth of around 6%. This contrasts sharply with the most pessimistic scenario, where a surging pandemic could result in a 0.5% contraction of the European economy.

On the other hand, the report reveals significant information regarding the dependence of some countries on wind and solar energy. The United Kingdom, Germany, Spain, Portugal, and Ireland all rely on these two green technologies for up to a third of their electricity generation capacity, making them the most dependent nations on this type of energy in the entire European Union.

The Green Deal, a firm step towards achieving climate neutrality through investment in renewables and the electricity grid

Last December, Ursula von der Leyen, President of the European Commission, presented an ambitious plan to make Europe the first climate-neutral continent by 2050. This plan, called the European Green Deal, was given the green light last week in a European Parliament vote, passing with 482 votes in favor, 136 against, and 95 abstentions. This approval sets 2030 as an “interim target,” by which emissions must have been reduced by at least 55% compared to 1990 levels in the European Union.

The foundation of this Green Deal is socio-economic growth based on changing the European energy model. AsThe European Commission itself reports this on its website.The European Green Deal “must enable European businesses and citizens to benefit from a sustainable ecological transition.” To this end, European institutions are proposing a series of actions ranging “from an ambitious reduction in emissions to investment in cutting-edge research and innovation, in order to preserve Europe’s natural environment.” To achieve this, the European Commission has focused its climate plan on setting several more ambitious targets for energy efficiency and renewable energy, establishing levels to be reached by each member state.

Thus, the European Union aims to tackle climate change. According to its figures, 93% of Europeans consider this a “serious” problem, and 93% of those citizens have taken at least one action to combat it. Furthermore, 79% of citizens agree that climate change will present an opportunity to foster technological innovation.