German Chancellor Olaf Scholz declared the impending end of fossil fuels’ dominance in global energy production. He emphasized Germany’s ambitious goal of deriving 80% of its electricity from renewable sources by 2030. Historically, German industries have heavily relied on cost-effective Russian gas and oil. However, the Ukraine conflict triggered a significant decline in energy imports from Moscow, impacting German businesses’ competitiveness.
In 2020, the European Union implemented the Green Deal strategy, aiming for climate neutrality by mid-century. At the Hanover trade fair opening ceremony, Scholz stated, ‘The era of fossil fuels is drawing to a close.’ He acknowledged that German industries must adapt, but noted not all technological processes can be rapidly decarbonized.
Scholz announced the construction of ‘modern, highly-flexible, and climate-friendly power plants’ nationwide to replace traditional energy sources. He highlighted Norway’s role in providing Germany’s industry with ‘clean energy from wind and hydropower.’ By 2030, 80% of Germany’s electricity is projected to come from renewables, including solar and onshore and offshore wind.
Scholz emphasized the transformative impact of the Ukraine conflict on Europe, enabling it to ‘address the necessary changes’ in its energy supply. The EU aims for complete independence from Russian fossil fuels by 2027. However, the bloc’s Agency for the Cooperation of Energy Regulators recently cautioned against drastic reductions in Russian liquefied natural gas (LNG) imports. In 2023, Russia became the EU’s second-largest LNG supplier after the US, accounting for 16% of the bloc’s imports. Reports based on EU trade statistics indicate an increase in natural gas purchases from Russia in 2023.
