Green technologies can replace Russian natural gas by 2028, according to a study by the University of Oxford.
The researchers estimate that total capital expenditure needed to replace Russian gas with renewables and heat pumps is €811bn (£705bn). This includes planned spending of €299bn (£260bn) on clean energy as part of the European Green Deal, and an additional investment of €512bn (£445bn), of which up to 90% could be recouped over the next 30 years by eliminating the need to buy gas.
However, the transition depends on important policy changes, with the report arguing that public and private funds must be available to achieve large-scale deployment of renewables and heat pumps.
The authors also suggest targeted policy support for investors, including through improved auctions for utility-scale solar and wind, and addressing permitting challenges, deploying rooftop solar panels at speed, and increasing support for insulation and the installation of heat pumps.
Dr Gireesh Shrimali, co-author of the report, said: “By eliminating reliance on importing a fossil fuel with volatile prices and supply, the EU can alleviate energy security concerns, address the cost-of-living crisis through energy costs, and advance its goals to achieve net-zero emissions and tackle the climate crisis.”
Read the full report here: bit.ly/42FU3fF
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