Investments in renewables, Italy increasingly attractive: it ranks 13th worldwide
Italy wins 13th place in the EY ranking on the attractiveness of investments in the renewable sector, gaining two positions in less than six months. The development of renewable energies is going through a moment of rapid and important growth thanks to favorable market conditions, technological advances, the support of public opinion and political leaders on issues related to the environment.
To reveal it is the 58th edition of the EY Renewable Energy Country Attractiveness Index (Recai) report that, despite the pandemic crisis, investments in renewable energy capacity grew by 2% worldwide last year while renewable capacity installations increased by 45% compared to 2019, signaling the fastest growth rate in last twenty years.
Renewable energy, green investments and climate change: the scenario
In this edition of the Recai it is confirmed that climate change and renewable energies are among the priorities of the international agenda in view of the COP26 and the European agenda in order to accelerate the energy transition aimed at reducing carbon emissions. However, it will be essential to support and expand the development of an infrastructural network capable of supporting the global transition towards a so-called decarbonised economy.
Giacomo Chiavari, EY Europe west strategy and transaction energy leader, highlights how the impact of the pandemic on the world economy “is triggering an acceleration aimed at reaching the goal of zero emissions, reorienting investments around environmental, social and corporate governance agendas and where renewable energies play a decisive role in reaching the European goal of climate neutrality by 2050.
We are in fact facing a crucial moment to accelerate the country’s energy transition, thanks to the resources of the NRP for the green sector, in particular as regards green hydrogen, and to the progress related to the PPA market. But to do this it is necessary to consolidate and enable the short and long-term drivers capable of increasing the development of energy produced from renewable sources “.
Exist two main market and medium-term factors that play an important role in the national energy mix. In the first place, in terms of production capacity, Italy has set itself ambitious energy targets, despite the effects of the pandemic, aiming to reach the target of approximately 95 GW of installed capacity by 2030, compared to the 55 GW of installed capacity so far in previous years, to which they are added an additional 10-15 GW of incremental capacity by 2030 which should be installed to meet the renewable energy demand needed to reach the green hydrogen production target.
The sum of the two needs suggests that over 10 years it will be necessary to install what we have installed so far in 20 years, as well as replacing the current obsolete capacity. Another important long-term incentive system is given by resources foreseen by the National Recovery and Resilience Plan (Pnrr) to support renewables: € 4 billion for the increase in the capacity of Res (Renewable energy sources) and € 1.9 million for the production of biomethane.
To this they add up 3.6 billion euros to support the production of green hydrogen: the national Hydrogen strategy provides for the installation by 2030 of 5GW of electrolysers and to cover 2% of the final energy consumption of our country with green hydrogen.
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