Europe doesn’t have the investment level to achieve its net zero desires.
That’s according to WindEurope – which represents the wind energy sector – claiming that €9 billion (£7.8bn) will be needed alone for the port infrastructure that would materialise offshore wind targets.
Europe released its Net Zero Industry Act this week – focusing on quickening the approval process of green projects and growing renewable sectors.
By 2030, the EU is aiming for 40% of the continent’s clean technology needs to be catered for by domestic production – limiting its reliance on China and other large producers.
But WindEurope’s Chief Executive Giles Dickson stated: “We simply don’t have enough factories and infrastructure today to build all the wind power that Europe wants.”
Under the new act, any firm looking to win new renewable contracts would need to demonstrate that at least 40% of its equipment used was taken from EU factories.
With an estimation from the European Commission itself that €400 billion (£350bn) of investment will be needed each year to reach net zero by 2050, it seems hands on the ground don’t believe the target is possible.
Mr Dickson added: “Fine, let’s aim to make 36GW of wind turbines in Europe every year. But how? National governments have some new flexibility to support green industries, though how they’ll use it is unclear. Then the EU financial support is still to come. There are lots of things still to get right to ensure this plan delivers.”
The EU is planning to reveal a new “sovereignty fund” this summer – and is calling for more joint funding to make its plans happen.
The European Commission has been approached for a response.