Energy transition: Europe must not lose momentum
In a recent LinkedIn post from October 9th, Catherine MacGregor, ENGIE Group CEO, calls for a more decisive EU policy to support the energy transition, taking lessons from the USA.
Catherine MacGregor, Chief Executive Officer
As the world is facing one of the most important challenges in its history, Catherine MacGregor conveys six key messages.
- Europe was once at the forefront of the energy transition with initiatives like the Green Deal and the Fit for 55 Package.It is crucial to maintain this momentum.
- The Inflation Reduction Act (IRA) in the US is a “true wake-up call.”Not only did it trigger a surge in public investments in sectors like renewable energies and battery storage, but its support mechanisms are “much simpler than those of the EU.” The European system is so complex that it can sometimes take up to 18 months from file application to approval. We can learn valuable lessons from the US approach.
- Europe boasts an expansive domestic market. According to ENGIE’s energy transition scenario, wind and solar capacity must increase by 3.5-fold by 2035 and 6-fold by 2050.
- Gas will also be crucial for achieving our ambitious goals. ENGIE calls for the alliance of the electron and the molecule. Our Group is committed to investing 22 to 25 billion euros worldwide between 2023 and 2025, with specific targets of 80GW of renewable capacity and 10TWh of biomethane annually by 2030.
- If it is to be a leader of energy transition, Europe must revamp its market design, simplify support schemes, and make decisive industrial choices.
- To sum up, we need a clear vision and goal: an affordable and socially acceptable transition, which will create a remarkable opportunity for substantial growth and job creation.
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