Money, Money, Money: Guys, unfortunately it’s going to be expensive. But it has to be done: According to a new study, investments totaling 721 billion euros will be necessary by 2030 in order to achieve the federal government’s energy transition goals.
“In order to combat climate change, the federal government has set itself very ambitious goals,” it said. The share of renewable energies in electricity generation is expected to increase to 80 percent by 2030.
Compared to 1990, greenhouse gas emissions are expected to fall by a total of 65 percent. The “Frankfurter Allgemeine Zeitung” had previously reported on the progress monitor.
Greentech: Expansion of renewable energies €353 billion
The expansion of renewable electricity generation alone accounts for the largest share of the calculated total investments, at 49 percent, at 353 billion euros. This is followed by the expansion of the transmission and distribution networks with 281 billion euros.
Significantly lower sums are estimated for investments in the district heating network (32 billion euros), in generation capacities for green gases, for storage and for the hydrogen core network.
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Greener heating: Lower amounts are spent on the district heating network
The investments could create significant growth and regional value creation, said EY head of Green Transformation and Mining & Metals in the Europe West region, Metin Fidan. Manufacturers of capital goods such as wind turbines, solar panels and electrolyzers benefited from this.
Compared to the previous year, the expansion of renewable energies and electricity networks made significant progress in 2023.
Despite all the progress, the pressure to act to achieve the goals by 2030 remains high, explained the chairwoman of the BDEW headquarters, Kerstin Andreae. “The progress that has been made in accelerating planning and approval processes is positive. This trend must be maintained and strengthened even further.”