The study “The Race to Replace: the economics of using renewables to free Europe from Russian gas” conducted by the University of Oxford shows that the European Union (EU) could replace Russian gas with renewable energy by 2028. This report analyzes how much will renewable energy cost us to replace Russian gas in Europe.
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Russia’s invasion of Ukraine caused a global energy crisis. For this reason, the European Union (EU) got down to work to develop emergency measures to eliminate energy dependence to obtain Russian gas until 2028. And the solution involves renewable energy and recovering the investments made, where indicates that Spain could gradually phase out Russian gas without the need to use offshore wind power.
According to the authors of this study, the total investment to replace Russian gas would reach the figure of 811,000 million euros. This amount will be divided into two large blocks: 706,000 million euros in renewable energies and 105,000 million euros in heat pumps. The authors of this study estimate that up to 90% of the additional investment required could gradually eliminate the need to buy gas within 30 years.
are obtained from virtually inexhaustible natural sources such as water, animal or plant biomass, sun or wind -among others-. The main advantage is that they do not use fossil fuels, but resources capable of unlimited renewal.
The energy transition is the key we need to face the global energy and climate crisis. Concerns over energy security, high fossil fuel prices and the urgency of climate change underscore the need to move faster towards a clean energy system.
Wind energy, along with solar energy, are the most widely used renewable energies in all countries of the world. In addition, both are considered one of the main solutions to accelerate the energy transition and achieve the long-awaited goal of global decarbonization. The use of wind energy and solar energy, energies of the future but also of the present, brings great benefits to the world in its fight against the climate emergency.
Wind energy is a renewable energy source that is obtained from the energy produced by wind turbines or wind turbines thanks to the force of the wind, converting the kinetic energy of the wind into electrical energy.
Solar energy is a renewable energy source that is obtained from the electromagnetic radiation generated by the Sun’s rays. The Sun is one of the main natural sources of virtually inexhaustible energy used for the generation of renewable electricity.
Aid to carry out the energy transition
The new study by the Oxford Sustainable Finance Group (Oxford Sustainable Finance Group) reflects the costs of replacing Russian gas with renewable energy to start a new era of electricity generation. In addition, it urges governments to make specific policies that show their support for investors by improving large-scale wind and solar power auctions.
Gireesh Shirimali, co-author of the report and director of “Transition Finance Research at the Oxford Sustainable Finance Group”, indicates the following regarding this transition:
The transition from Russian gas to clean energy is not only feasible, but offers multiple benefits. Replacing natural gas with wind and solar power eliminates the need to pay for gasoline in the future.
In addition, he adds that instead of resorting to imports of fossil fuels, the EU) would have greater energy security and would be closer to achieving its long-awaited goal of reaching net zero carbon dioxide (CO2) emissions:
By eliminating the importation of a fossil fuel with volatile prices and supplies, the European Union can address the energy cost crisis and advance its net-zero emissions targets, thereby tackling the climate crisis.