WindEurope stated on Wednesday that the EU's clean energy targets are more achievable due to a record-breaking year for wind farm construction and a resurgence in sector investments, according to Reuters. WindEurope's annual report highlights 2023 as a year of considerable progress in crucial aspects of Europe's wind energy sector. This comes after a challenging 2022, marked by skyrocketing inflation, interest rates, and unstable energy markets following Russia's invasion of Ukraine. Last year witnessed a significant increase in investments in European offshore wind, rising to 30 billion euros from a mere 0.4 billion euros in 2022. Additionally, EU countries set a new record by installing 16.2 gigawatts of wind energy capacity, with around 80 per cent being onshore wind farms, according to the group. The lobby group stated that the sector has been spurred by EU policies that expedite project permits. Furthermore, the EU's plans to facilitate financing for wind projects and to index prices in government renewable energy auctions have also been beneficial. Despite facing supply chain disruptions, inflation, and equipment challenges, Europe's wind industry witnessed a surge in 2023, with Germany and Spain approving 70 per cent more onshore wind projects compared to the previous year. Notably, Danish turbine manufacturer Vestas managed to return to profitability in the fourth quarter of 2023, further highlighting the industry's resilience. WindEurope anticipates that Europe will install an average of 29 GW of wind energy per year from 2024 to 2023, culminating in a total wind energy capacity of 393 GW in 2030. This capacity is close to the 425 GW required to meet the EU's 2030 renewable energy goals. Pierre Tardieu, the group's Chief Policy Officer, expressed optimism about achieving these ambitious 2030 wind targets. Last year, the EU cautioned that countries' individual energy strategies are not aligning with the bloc's overall 2030 goal of sourcing 42.5 per cent of its energy from renewables, which includes solar and biomass energy. According to WindEurope, the most significant obstacle to Europe's wind energy growth is the slow pace of investment in power grid upgrades to accommodate the rapidly increasing proportion of renewable energy.
