{"id":4816,"date":"2023-07-10T09:09:00","date_gmt":"2023-07-10T09:09:00","guid":{"rendered":"https:\/\/revita.com.cy\/2023\/07\/10\/renewable-energy-policy-in-the-eu-a-chance-to-make-it-right\/"},"modified":"2023-07-10T09:09:00","modified_gmt":"2023-07-10T09:09:00","slug":"renewable-energy-policy-in-the-eu-a-chance-to-make-it-right","status":"publish","type":"post","link":"https:\/\/revita.com.cy\/el\/2023\/07\/10\/renewable-energy-policy-in-the-eu-a-chance-to-make-it-right\/","title":{"rendered":"Renewable Energy Policy in the EU: A Chance to Make it Right"},"content":{"rendered":"\t\t
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The Article below was assigned to one of this year\u2019s summer interns, <\/em>Pei Lin<\/em>, and was written with the help and close supervision of our Team. <\/em>Pei Lin<\/em> is <\/em>about to enter <\/em>her first year as an Economics and Business Economics student at the University of Amsterdam, Netherlands, in September 2023. Ultimately, <\/em>it<\/em> has provided an opportunity for both <\/em>Pei Lin<\/em> to enhance h<\/em>er<\/em> knowledge through research, as well as to express h<\/em>er<\/em> own <\/em>ideas<\/em>, interpretations and educated opinions on the matter<\/em> of renewable energy in the EU. On the other hand, our<\/em> Company gained insight from <\/em>an informative <\/em>piece of writing<\/em>,<\/em> which<\/em> also demonstrates examples of action taken by other countries for promoting sustainability, which may also be applied to Cyprus.<\/em> Ultimately, it<\/em> forms a short, simple, yet <\/em>useful<\/em> piece of writing <\/em>on a critical matter for current and future generations.<\/em><\/p>

Fossil fuels are found in Earth’s crust and contain carbon and hydrogen, which can be burned for energy. In 2020, the worldwide health pandemic caused the demand for fossil energy to fall suddenly. The production method of fuel and natural gas made it difficult to reduce the supply of these energies in a short time and therefore excess supply was created, meaning that the price of fossil fuels dropped hardly. The WTI oil price (West Texas Intermediate benchmarking method) even fell to negative. However, in 2021, many countries slowly started operating again, the economy started to recover and the demand for energy resources like fuel and natural gas had a significant increase, creating excess demand.<\/p>

This excess demand led to extremely high prices for energy. Furthermore, because of the start of the war in Ukraine, many countries refused to use the energy produced by Russia, the lack of supply further worsened the excess demand and resulted in doubling of the oil price in October 2021 compared to October 2020, from $82.06\/bbl to $39.90\/bbl. As many countries in the European Union were dependent on the energy imported from Russia, the European Union had a meeting in May 2022 about the energy used in the EU and set up a plan called the \u201cRePower EU Plan.\u201d<\/p>

The aim of the \u201cRePower\u201d EU Plan was to decrease the European Union\u2019s dependency on Russian fossil fuels, produce clean energy, diversify energy supplies and save energy. Since September 2022, Russian gas accounts for only 8% of all pipeline gas imported into the EU, compared to 41% of EU imports from Russia in August 2021. The EU also established new agreements with other third countries for pipeline imports. Apart from this, the European Commission also encouraged more investment in renewable energy, like solar and wind power. Over the last year, the electricity generated by solar and wind power is greater than gas and ensures that a considerable 39% of our electricity now comes from renewables.<\/p>

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There are some measures set up by the European Commission relating to renewable energy and energy efficiency, as follows:<\/p>