Policy

‘Exit Coal’ movement continues, Hungary pledges exit by by 2030, joins Spain & Poland

The landlocked European country Hungary is all set to give up its coal addiction in return for Renewable energy by 2030. It has responded to the tightening of the European Union’s Emissions Trading systems(ETS) and came forward to reduce emissions and fight climate change by ending all its coal use within 10 years.

Chain Bridge in Budapest

Despite being a traveler’s paradise studded with architectural landmarks from Buda’s medieval Castle Hill and grand neoclassical buildings in its capital Budapest, it is also one the most coal-dependent EU nation along with Poland, Czech Republic, and Bulgaria.

Hungary produces roughly 20% of its electricity by Coal meanwhile more than 10% of its electricity was sourced from renewable energy. In 2016, 18% of its electricity came from coal, 50% from nuclear, and 20% from gas. At present, lignite produces 14% of Hungary’s carbon dioxide emissions and half of the pollution of the entire country’s energy sector.

With the cost of photovoltaics expected to fall by another 30% worldwide and EU which recently raised the price of Lignite coal again, Hungarian Energy sector is betting on Renewable energy to save its day.

The Hungarian government has announced that it plans produce an additional 30,000MW of Solar energy in the next 5 years from a current capacity of 500MW. This expansion especially bodes well with solar developers and personnel who fear job losses  in the Energy Sector.

In September, before the COP24 meet Poland too made public its tougher stance on climate change. Another European nation, Spain too joined the renewable drive. These countries are making an attractive proposition for solar investors seeking to invest in the CEE region.

Andrius Terskovas, Chief Business Development Officer at Sun Investment Group, said: “With our portfolio across Poland set to expand in the future, and Hungary’s commitment to a renewable future, the region presents a number of exciting opportunities for innovation and investment.”

Now the pivot is set for the investors to see whether the renewable drive spreads to the neighboring Czech Republic and Bulgaria too.

I am Renew

Recent Posts

John Cockerill secures India’s largest electrolyzer supply order from AM Green

AM Green has placed India's largest electrolyzer order with John Cockerill Hydrogen for one of…

4 days ago

Cultivating A Thriving Biofuel Ecosystem: What It Takes To Fuel India’s Green Future

By-Nipun OS  India's energy goals for the next two decades are threefold: achieve energy security,…

6 days ago

India’s biogas sector to offer opportunities for the next 5-10 years: Jan and Anting, Weber Entec

How do you find the Indian CBG market on this visit? What’s the general sentiment?…

7 days ago

BAUR FOLIEN now market leader worldwide; ideally fit for India: MIROSLAV BENKA, MD

MIROSLAV BENKA, MD of BAUR FOLIEN talks to I am Renew and explains its business…

7 days ago

To step-up biogas solutions worldwide, Sistema.bio acquires Inclusive Energy

Biogas developer & innovator, Sistema.bio has acquired Bengaluru headquartered Inclusive Energy (IE) which is at…

1 week ago

ARYA raises 100 crore to develop biogas projects

ARYA, the project development division of GPS Renewables, has secured INR 100 crore in mezzanine…

1 week ago