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By Beatrice Tridimas [[link removed]] | Digital Producer

While World War Three memes took hold of the internet as Iran and Israel exchanged unfriendly fire and threw global energy security into further disarray, tucked away in a small cove on the outskirts of Athens, speakers at the Financial Times’ Energy Transition Summit [[link removed]] in June eked out a line of positivity on Europe’s energy transition.

Perhaps it was the bellies full of roast potatoes talking, or the serene sea air that boosted a sense of optimism, but the speakers agreed that Europe has plenty of potential for renewable energy, and it’s cheaper than we all think.

With the last threat of WW3 – only a dismal three years ago when Russia invaded Ukraine – the energy transition [[link removed]] shot to the top of the European Union’s policy agenda. Clean energy sources vital to achieving global climate goals also promised heightened energy security and self-sufficiency in the face of geopolitical insecurity.

Policies aiming to shift away from European reliance on Russian gas towards investment in domestic renewables saw 50% of the EU’s electricity generated from renewable sources last year, compared to 25% from fossil fuels, according to the International Energy Agency. [[link removed]]

And despite slowing solar installations [[link removed]] last year, Europe is still on track to have enough renewables in place to meet its 2030 climate goals.

An employee works on a solar panel production line at the Systovi factory in Carquefou near Nantes, France, March 29, 2024. REUTERS/Stephane Mahe

Sea breeze and blue skies aside, Greece was the perfect setting for industry reps, environmental organisations, academic experts – and me – to gather for the summit.

The country’s fossil fuel phase out [[link removed]] is on track. But, short on storage, Greece sometimes has to cut off its solar supply to avoid overwhelming the grid, illustrating that Europe’s energy transition isn’t really about clean energy supply – it’s about storage [[link removed]].

“Without storage we won't get rid of conventional sources of energy,” Cyprus Energy Minister George Papanastasiou said, while taking to the mic in an albeit unplanned, but still welcome, address.

Europe’s storage capacity is failing to keep pace with growing renewable generation, meaning clean energy is being wasted when demand is low, and fossil fuels, like gas or lignite, are still needed when demand is high.

Europe’s got gas, but needs more wind

Storage is also vital to maintaining a balance of renewable sources, which would help Europe’s energy self-sufficiency.

New wind capacity has lagged solar growth in Europe, owing to slow licensing [[link removed]] and soaring manufacturing costs.

But that’s meant power grids are getting overwhelmed – much like the British public last week – by surges of solar energy in the afternoons in places like Greece. And without adequate storage, it means it’s not being kept to fill the gaps in wind generation at night.

And so here we are with the EU still reliant on gas - and imports at that – having shifted from Russia to US as its main supplier.

Imports of liquefied natural gas are set to increase by a quarter [[link removed]] this year, as Europe still plays catch up from lowering Russian supply [[link removed]] and refilling stores depleted during cold weather.

Flames blaze from a chimney at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi Niesner

And what’s more, there are lingering calls for the EU to slow its transition efforts, despite all the progress [[link removed]], as member states seek to mitigate broader economic stagnation and focus on defence spending amid geopolitical upheaval.

Last week, the EU set a new climate target to slash emissions by 90% in the next 15 years, but is allowing carbon credits to count [[link removed]] towards emissions cuts to appease resistance from member states who thought the target too ambitious.

Back to the cove.

It was nice to hear panellists debunk myths that give the energy transition a bad rep: ‘energy bills are high because of renewables’ and ‘there’s not enough grid capacity for renewables’. Instead, they said we should blame gas for energy prices and redirect our grid concerns towards queue management and prioritisation to ensure renewable projects are connected.

So, while the future looks bright, Europe has some way to go to leverage its clean energy sources to secure an independent energy supply.

Thanks for having me this month – Jack will be back next month, riding high off the summer’s solar power, ready to bring you more!

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Read all of our coverage here [[link removed]] Food for thought Fast-growing, global-south cities are ‘strikingly underrepresented’ in climate research [[link removed]]

The Intergovernmental Panel on Climate Change has commissioned a special report on climate change and cities, as scientific interest in the topic increases. Cities are both responsible for the majority of climate warming emissions and also the places where some climate impacts – heat, for one – are felt the most. Researchers have created an interactive map that shows how existing studies focus on the global north, revealing where gaps in the science need to be filled.

[[link removed]]Discover more Nature [[link removed]] Climate Risks [[link removed]] Net Zero [[link removed]] Just Transition [[link removed]] Climate Justice [[link removed]] Green Cities [[link removed]] Thank you for reading!

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