Know better. Do better.

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 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 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. 

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

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. 

“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. 

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. 

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

And what’s more, there are lingering calls for the EU to slow its transition efforts, despite all the progress, 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 towards emissions cuts to appease resistance from member states who thought the target too ambitious. 

Back to the cove.

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!