Growing concern over Europe’s energy security and increasing weather extremes means that ‘time is pressing’
It is not only the Russian gas freeze and growing concern over energy security that underlines the need for the rapid expansion of renewable energies, according to sustainable asset management firm aream Group.
Around the world, massive droughts and catastrophic floods also show the consequences of extreme weather events, which will increase with climate change, it points out.
In July, German politicians decided to significantly expand wind power in particular but “overall, the pace must be increased”, according to Markus Voigt, CEO of the aream Group.
Extreme weather events dominate the headlines worldwide: In the northern hemisphere, waves of heat and drought are causing crops to wither and rivers to dry up.
In the Alps, glaciers are melting faster, devastating floods in Pakistan are causing a humanitarian catastrophe. It is still disputed to what extent all this can be attributed to climate change.
“What is clear, however, is that time is pressing”, says Voigt. “We have to push ahead with the expansion of green energy, also to make us independent of Russian gas supplies.”
This is not only worthwhile for the environment, but also for investors, as proven by the current production figures from the past month, the company points out.
The very hot and sunny August brought the solar energy producers in Germany an increase in production, with target values exceeded by six percent. In Italy, production targets were essentially achieved (94 percent).
Last month brought a lot of sun, but only little wind. Therefore, the production of wind energy was below expectations. The target achievement was 61 percent. However, since the wind harvest in the previous months was more abundant, the target achievement since the beginning of the year amounts to 95 percent.
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