Written By 2021 has already seen a lot of changes, but none more so than in the energy industry. As global leaders look for ways to reduce their carbon footprints, Europe and China are two major players that are making waves and pushing for renewable energy sources. In this blog post, we’ll explore why these two powerhouses have set out to shape energy markets in 2021 and what kind of impact they could have on the environment. From renewable energy sources to carbon reduction goals, get ready to dive into the details about a sustainable future led by Europe and China.
Europe’s energy market
- Europe’s energy market
As the world’s largest energy consumer, China is a major player in global energy markets. But it is not the only country with a growing appetite for energy. Europe is another powerhouse that is set to shape energy markets in the years to come.
Europe is home to some of the world’s largest economies, including Germany, France, and the United Kingdom. It is also a leading importer of oil and gas. In fact, Europe imports more than half of the oil and gas it consumes.
This dependence on imported energy has made Europe vulnerable to disruptions in supply. For example, Russia’s annexation of Crimea in 2014 led to a sharp increase in tensions between Russia and the West. This caused a decline in Russian gas exports to Europe, which led to higher prices for European consumers.
To reduce its dependence on imported energy, Europe has been investing in renewable sources of energy such as wind and solar power. These investments have paid off: renewables now account for more than one-fifth of Europe’s total electricity production.
Europe is also working to improve energy efficiency. The European Union has set ambitious targets for reducing energy consumption and greenhouse gas emissions by 2030. If these targets are met, Europe will be well on its way to becoming a leading force in shaping the future of global energy markets
China’s energy market
China, the world’s most populous country and second largest economy, is a major player in global energy markets. The country has the world’s largest coal reserves and is the largest producer and consumer of coal. China is also the largest oil importer, and its rapidly growing economy has made it a significant driver of global oil demand growth.
In recent years, China has been working to increase its use of cleaner energy sources and reduce its reliance on coal. The Chinese government has set ambitious targets for renewable energy development, and the country is now the world’s leading investor in renewables. China is also working to build a more efficient and cleaner power system, including through investments in nuclear power and natural gas.
The two powerhouses set to shape energy markets in 2021
In Europe, the European Commission has set a target of 32% renewable energy by 2030, and is expected to increase its share of renewable energy to 50% by 2050. Meanwhile, China has set a target of 20% renewable energy by 2030.
Both Europe and China are expected to significantly increase their investments in renewable energy in the coming years. In 2020, Europe invested a record €42 billion in renewable energy, while China invested a record $145 billion.
It is clear that both Europe and China are committed to increasing their use of renewable energy. This is likely to have a major impact on global energy markets, as these two regions are expected to lead the way in the transition to a low-carbon future.
Conclusion
Europe and China are two of the most influential markets in 2021, with both nations making major strides when it comes to energy demand. As the world continues to shift towards renewable energy sources, Europe is leading the charge by implementing policies that will reduce emissions while simultaneously boosting economic growth. China also has ambitious plans for renewable energy as well as a commitment to nuclear power which could help propel it into a position of global leadership. With such promising opportunities lying ahead, these two powerhouses have set themselves up for success in shaping global energy trends this year and beyond.
