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30 Mar 2023, 07:51 HRS IST
  • PTI
  • Press Release

Source:Germany Trade and Invest
Category:Energy and Power
PHOTON: Germany Ideal Hub to Serve 100 Percent Renewable Europe

BERLIN and STUTTGART, Germany, Apr. 27 /PRNewswire-AsiaNet/ -

    A new McKinsey study confirms the feasibility of electricity
from 100 percent renewable energy sources in Europe by 2050. Germany''s
industry is an optimal hub to reach this market. The country's experienced
workforce and dense network of manufacturers, suppliers, and researchers
already helps companies from across the globe to succeed in the European
market. Germany Trade & Invest will have representatives at this year's
Photon Expo in Stuttgart, Germany, from April 27 - 29 to support companies
looking to establish a business in Germany.

    Germany has one of the largest markets for renewable energies
in the world, which continues to grow. In 2009, electricity from renewable
sources increased to 16.1 percent of the total share. The attractive domestic
market as well as access to growing markets in Eastern and Western Europe
makes Germany an ideal business location for international players in
renewable energies.

    The photovoltaic market continues to set the bar for Europe
and the world. With new photovoltaic installations in 2009 exceeding 3.8 GW,
Germany accounted for more than half of the world's solar market for the
year. Despite this growth, the market is nowhere near saturation. Only 2
percent of rooftops suitable for solar modules are currently covered, leaving
ample market opportunities.

    This year marks the ten-year anniversary of the landmark
Renewable Energies Act (EEG), which continues to act as the driver for the
German market. The proposed restructuring of the photovoltaic feed-in tariff
of the EEG in the coming months will likely continue to foster the
development of the rooftop market, which caters to private users who
overwhelmingly prefer high-quality systems. This preference will ensure the
continued demand for high-quality photovoltaics.

    The new feasibility study, conducted by McKinsey and published
by the European Climate Foundation, was commissioned to examine the
feasibility of achieving the European Union goal of an 80 percent greenhouse
gas reduction by 2050 compared to 1990 levels. The study found that 100
percent renewable energy is not only feasible, but can also be reliable and
economically priced. Many of the largest utilities and conventional energy
providers in Europe took part in the study as well.

    Germany Trade & Invest is the foreign trade and inward
investment promotion agency of the Federal Republic of Germany. The
organization advises foreign companies looking to expand their business
activities to the German market. It provides information on foreign trade to
German companies that seek to enter foreign markets.
    Germany Trade & Invest
    Eva Henkel
    Email: eva.henkel@gtai.com
    T: +49(0)30-200099-173
    F: +49(0)30-200099-111
Germany Trade & Invest Eva Henkel Email: eva.henkel@gtai.com T: +49(0)30-200099-173 F: +49(0)30-200099-111
Media contact details:
Germany Trade & Invest Eva Henkel Email: eva.henkel@gtai.com T: +49(0)30-200099-173 F: +49(0)30-200099-111
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