EXHIBITION & CONFERENCE

SINGAPORE EXPO | SINGAPORE | 5-8 SEPTEMBER 2023

REPowerEU: a major change in Europe’s energy system

Sarah Howell, Vice President, Gastech

REPowerEU: a major change in Europe’s energy system

Last week I had the opportunity to speak to European lawmakers on the significant role that Gastech can play in Europe’s energy conversation.

Gastech comes at a historic time for the sector, when issues of supply, energy security, and a just transition are more important than ever. This was reflected in the new strategy announced last week, by the European Union.

While certain aspects of the REPowerEU strategy have been known for some time, the full details of the European Commission’s announcement last week signalled a major shift in EU policy.

From a 4% increase in the binding Energy Efficiency Target (first laid out in its Fit for 55 European Green Deal legislation), a 5% increase in its 2030 target for renewables, to a planned 5% cut (through behavioural changes) in its oil and gas demand, the EU has made important changes to its energy ambitions.

By its own estimates, the EU believes meeting these new requirements will need €210 billion in investment over the next five years. The industry will require incentives to meet these targets, and will no doubt be encouraged by the €225 billion available in loans under the EU’s Recovery and Resilience Facility.

The Ukraine crisis has placed Europe in an incredibly complicated position, as it needs to be able to balance urgent energy demand needs with long-term energy security and its Green Deal ambitions. In recent months, we have seen how LNG imports from Europe’s partners have enabled it to meet demand requirements, in part also a consequence of the new EU Energy Platform which has allowed for voluntary common purchases of gas. The long-term shift to renewables however is seen by many commentators as one of the more challenging aspects of the EU’s strategy.

Bold targets for hydrogen and biomethane will require significant investment in infrastructure, and this will require closely working with industry partners to set out the specific needs for the different sectors.

Situated in the heart of Milan, this year Gastech has an important role to play in convening the major figures in the industry to discuss the changes taking place in the global marketplace. A landmark event, Gastech’s strategic conference will provide an unprecedented opportunity for the sector’s leaders to speak frankly to policymakers about the challenges and support needed to make global targets a reality, not just in Europe but around the world.

Don’t miss Gastech 2022, this September 5th-8th in Milan, Italy.  

To find out more about the conference, visit our website at:  

https://www.gastechevent.com/conferences/strategic-conference   

  

#Gastech, Fiera Milano, Italy 5-8 September 2022