REPowerEU

The EU’s REPowerEU plan to shift away from Russian gas is “faltering” despite ongoing turmoil in global fossil fuel markets, according to analysis by the European Court of Auditors (ECA).

The European Council has formally adopted plans for a phased ban of Russian gas imports starting from March.

2025 will be the first time in over a decade that solar power additions decline in the EU, according to a mid-year report from SolarPower Europe.

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.