The European Union has cleared 235 cross-border energy projects as part of its new list of energy projects that will connect the European nations through a litany of cross-border projects, including hydrogen and CO₂ infrastructure. The EU has been fostering a welcoming environment for the renewable energy market and aims to connect the continent’s nations to develop a new era of cross-border cooperation.
Europe is set to invest an eye-watering amount in renewable energy
The need to invest in renewable energy production, as well as the carbon capture technology essential for energy projects, has not fallen on deaf ears, it would seem. The EU regularly adopts lists of new energy projects that will fall under its Connecting Europe Facility (CEF) and streamline permitting processes.
The European Commission has granted 235 cross-border energy projects the status of projects of common and mutual interest under its substantial funding program. This enables said projects to receive significant funding from the European Commission.
A recent study has revealed the substantial investments needed in the European energy market
A recent EC study outlined that the necessary investments in Europe’s energy market are set to reach record-breaking amounts over the coming years. The data reveals that investments in the European market are set to reach €1.5 trillion from 2024 to 2040.
“These projects are more than cross-border infrastructure projects, they are the lifelines of our Energy Union. They empower our EU energy system by unifying the strengths of 27 complementary systems, paving the way for a Europe where green, competitive, and secure energy is not just a promise, but a common reality.“ – Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition
The EU’s list of approved projects spans the entire energy value chain in Europe
The new list of cross-border projects will boost the standing and investment status of the renewable energy market in Europe, and position the continent as the leader in successfully investing in and adopting the renewable energy sector.
Among the litany of new cross-border projects that have been granted the PCI status from the EU, 113 offshore and smart grid electricity projects form part of the new package, as well as 100 hydrogen and electrolyser projects.
Carbon capture and storage also feature as part of the new list of projects
A notable addition to the list from the EU is 17 carbon transport infrastructure projects that aim to reduce carbon emissions from energy projects on the European continent over the coming years as the standing of the renewable energy market improves.
While some nations are planning to open their first-ever refineries, such as Mongolia, the future of the conventional energy market is dependent on significant investments. The cross-border projects that have been added to the list of PCI projects by the EU exemplify the shifting narrative in the global energy industry.
“Energy infrastructure is not only the backbone of our Energy Union — it is the foundation of a strong and prosperous Europe. To meet today’s challenges of security, competitiveness, and decarbonisation, Europe needs an energy system that is both resilient and future-proof. The projects we have chosen to support will play a vital role in delivering cleaner, cheaper and more secure energy to our citizens and businesses.“ – Dan Jørgensen, Commissioner for Energy and Housing
The evolution of the European energy market has begun
Europe has been contemplating measures to reduce carbon emissions while providing a stable investment platform for renewable energy projects. This year will see a surge in new energy projects across the international market, and Europe has opened the door for cross-border energy projects to receive the substantial financial backing of the EU, which will transform the European energy market over the coming decades.
