EU Survey Reveals Massive Support for Renewable Energy Transition

A majority of European Union citizens are in favor of an accelerated transition away from oil and gas and into alternative energy sources and transport electrification, a survey conducted by the European Investment Bank has shown, as reported by Reuters, which got an exclusive look at the survey.

According to the survey, which involved 23,000 respondents, 87% wanted governments to make the transition a priority, with 52% saying solar should be at the top of the list of alternative, low-carbon energy sources. Nuclear, on the other hand, had only 19% saying it should be prioritized. The percentage in favor of wind as a top alternative energy source stood at 37%.

“In a rapidly shifting geopolitical landscape, this is both the right thing to do for the planet and the smart thing to do for our economies, in order to bring down energy costs for businesses and households,” the president of EIB Group, Nadia Calvino, told Reuters.

Calvino’s second point is interesting because over the past decade since the Paris Agreement was signed, the EU member states that spent the most on wind, solar, and electric vehicle support saw their electricity prices rise the most as well, while transition laggards have managed to keep bills relatively affordable.

The war between the U.S., Israel, and Iran has highlighted the drawbacks of energy import dependence and strengthened the argument for locally sourced energy, especially from wind and solar installations, but also oil and gas where it is present.

Proponents argue that both of these, especially solar, are already cheaper than gas generation. Critics note the cost estimates for wind and solar are based on levelized cost of energy metrics that exclude a lot of actual costs, such as the cost of electricity that needs to come from a baseload generator when there is no sun or, indeed, wind.

By Irina Slav for Oilprice.com