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According to research, the Ukraine conflict might hasten Germany's move to green energy

Haiden Holmes

Jul 18, 2022 10:58

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According to a study published on Sunday, the ramifications of the Ukraine conflict may hasten Germany's shift to green energy despite Berlin's desire to connect coal-fired power units to compensate for diminishing fossil fuel supplies from Russia.


The German government has pushed for a shift to renewable energy, with the target of 80 percent of the nation's electricity generation coming from renewables by 2030.


Credit insurer Allianz (ETR:ALVG) Trade's study revealed that Germany's green energy objectives were expected to increase the amount of renewable energies in the electrical mix in the medium term, even beyond what would be required to meet the 2035 Paris climate targets.


The research showed that the rise in coal-fired power output permitted by the German government earlier this month will not raise CO2 emissions in the European Union since production will be regulated by the EU emissions trading system.


According to the analysis, it is unlikely that coal will become a long-term substitute for Russian gas due to the high EU carbon trading prices.


"(Coal-fired power generation) will be forced off the market," said the study's author, Markus Zimmer.


Moreover, he added that the planning and approval procedures for renewable energy must be simplified and hastened in order to meet the objectives of the German government.


According to the analysis, Germany's expansion of renewable energy in the power sector would need annual expenditures of around 28 billion euros through 2035, and the sector would need approximately 440,000 employees from 2022 to 2035 to achieve the goals.

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