REPowerEU

The European Commission (EC) has approved a €2.9 billion (US$3.2 billion) French aid scheme supporting investment in green industries.

The European Commission has approved this week Italy’s and Hungary’s aid schemes to support renewable energy projects.

The EU will now meet 42.5% of its energy demand with renewables by 2030, up from the 40% originally included in the REPowerEU scheme.

Spanish solar developer Solaria has signed off a financing framework with the European Investment Bank (EIB) for up to €1.7 billion (US$1.8 billion) to be deployed on 120 solar PV plants across Spain, Italy and Portugal.

CTP has secured a €200 million loan from the European Investment Bank to support its deployment of solar modules.

At least US$2.7 trillion must be invested in renewables annually to achieve global net-zero emissions by 2050.

The European Investment Bank has announced plans to increase its funding for its REPowerEU project by €15 billion.

Global demand for solar PV could rise up to 40% in 2023 as favourable economics in the solar sector combine with broad policies like the Inflation Reduction Act (IRA) and REPowerEU schemes.

The EU will add 69GW of solar and wind capacity in 2023, representing a 17% of increase year-on-year according to the EU's latest report presenting the REPowerEU plan progress one year after its launch

Globally, 32% of business leaders estimated that their country will fully transition to renewables after 2050, while 8% said it would never happen.