Published: Wed, 18 September 2024
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Sean Kelly, MEP for Ireland South and Leader of the Fine Gael Delegation, has emphasized the urgent need to shift Europe’s focus beyond the 2030 energy targets and start strategizing for 2040. He argues that a forward-looking approach makes both economic and strategic sense.
“The progress we’ve made so far is remarkable,” Kelly stated, speaking from the European Parliament in Strasbourg. “In the first half of 2024, half of the EU’s electricity came from renewable sources. We’ve also reduced our reliance on Russian gas significantly, from 45% in 2021 to just 18% now. These are achievements we should be proud of, but they are just the beginning.”
Kelly warned that while 2030 is a crucial milestone, the challenges of the 2040 target are far more daunting. “Meeting the 2040 target will be no easy feat,” he explained. “We need a fully decarbonized electricity system by the mid-2030s. This will require not just policy adjustments but a fundamental transformation in how we approach energy, heating, and transportation.”
Kelly believes that the 2040 target offers Europe a chance to enhance its global competitiveness. “The last 20% of our decarbonization journey will be the hardest,” he said. “It’s not just about tweaking the existing system; it’s about reinventing it. We have to prepare for an electricity market where gas no longer sets the price, which will require a new regulatory framework to provide revenue predictability for investors. Addressing these issues now is crucial to ensuring a stable transition to a renewable-based economy.”
Kelly also called for a new focus on the development of technologies essential for a 100% renewable energy system. “Our electricity market design must evolve to incentivize investments in short and long-duration storage technologies, zero-carbon system services, and interconnection. Without these, we cannot achieve a resilient and interconnected pan-European electricity grid,” he emphasized.
“The 2040 target is not just a climate imperative; it’s a major economic opportunity,” Kelly added. “A renewable-based electricity system will free us from external control over our energy prices. It will provide a better deal for European industry and consumers, and it will strengthen our ability to compete globally. The new Commission must lead with vision, set an ambitious pathway to 2040, and ensure an independent, clean, and competitive European energy system.”
Kelly urged for immediate action: “Long-term visibility and support for the industry beyond 2030 are essential. Large renewable energy projects can take a decade or more to complete, so the time to act is now. We need to prioritize achieving a zero-carbon electricity system as soon as possible.”
“Let’s not become complacent,” he concluded. “We have made great strides, but the real challenge lies ahead. Achieving the 2040 targets will require a unified European effort, just as we have seen in our recent successes.”
