The leaders of northern European countries have pledged to invest heavily in green energy, as the risks of climate change are now being felt around the world. With the war in Ukraine forcing countries to seek alternatives to Russian gas, many governments are no longer treating the search for new sources of green energy as a mere aspiration.
European leaders are now focused on harnessing sources of renewable energy, such as wind and wave power, in order to turn the continent’s northern seas into an engine of green energy. While the plan is both radical and costly, the question remains: will it work? And where will the money come from?
In a 27-minute and 50-second video, presenter Imran Khan discusses these issues with three guests: Gareth Davies, founder of Aquatera, an environmental and sustainable energy consultancy involved in planning future marine offshore renewables across Europe; Sandrine Dixson-Decleve, co-president of The Club of Rome, a climate policy advisory, and ambassador for the Energy Transition Commission; and Noah Brenner, Eastern hemisphere editorial director for Energy Intelligence, specializing in European oil and gas companies.
Davies notes that there is a lot of potential for renewable energy in Europe’s northern seas, particularly in areas such as the North Sea and the Baltic Sea. However, he acknowledges that there are also significant challenges to overcome, such as the harsh weather conditions and the need to develop new technologies to harness the power of the waves.
Despite these challenges, Davies believes that there is a strong business case for investing in renewable energy. He points out that the cost of wind power has fallen dramatically in recent years, making it increasingly competitive with traditional sources of energy. In addition, he notes that there is growing demand for green energy from consumers and businesses alike.
Dixson-Decleve agrees that there is a strong economic case for investing in renewable energy. She notes that many countries are now setting ambitious targets for reducing their greenhouse gas emissions, and that renewable energy will play a key role in achieving these targets. She also points out that investing in green energy can create new jobs and stimulate economic growth.
However, Dixson-Decleve cautions that there are still significant barriers to overcome, such as the need for better infrastructure and more investment in research and development. She also notes that there are political challenges, such as resistance from some countries to reducing their reliance on fossil fuels.
Brenner provides a different perspective, noting that the oil and gas industry is likely to remain a major player in Europe’s energy mix for many years to come. He points out that many European countries still rely heavily on fossil fuels, and that there are significant political and economic obstacles to transitioning to renewable energy.
Despite these challenges, Brenner acknowledges that there is growing pressure on the oil and gas industry to reduce its greenhouse gas emissions. He notes that many companies are now investing in renewable energy, and that this trend is likely to continue in the coming years.
Overall, the guests agree that investing in renewable energy is essential for addressing the risks of climate change and reducing greenhouse gas emissions. While there are significant challenges to overcome, they believe that there is a strong economic case for investing in green energy, and that this will ultimately drive the transition away from fossil fuels.