Key Takeaways
- Denmark leads the EU in renewable energy, generating 88.4% of its electricity from wind farms.
- The EU achieved a 46.9% share of electricity generated from renewable sources in 2024.
- The European Investment Bank plans to fund the Baltica 2 offshore wind farm, set to become the largest in the EU.
Denmark Sets the Pace in Renewable Energy
In 2024, renewable energy sources accounted for 46.9% of electricity generation in the European Union (EU), reflecting a consistent move towards cleaner energy and a decrease in fossil fuel dependence. Denmark has emerged as a frontrunner in the EU, with an impressive 88.4% of its electricity generated from wind power, followed closely by Portugal at 87.5%, which combines wind and hydropower, and Croatia at 73.7%, primarily utilizing hydropower.
On the other end of the scale, Luxembourg, Malta, and the Czech Republic lag behind, with the lowest shares of renewable sources in their electricity generation, at 5.1%, 15.1%, and 15.9%, respectively. The leading renewable sources across the EU remain wind and hydro power, which together provided over two-thirds of all green electricity, specifically 39.1% from wind and 29.9% from hydro sources. Solar energy contributed 22.4%, while biofuels accounted for 8.1%, and geothermal energy represented a mere 0.5%.
Enhancing the share of renewable energy is crucial for the EU to meet its climate objectives and cut greenhouse gas emissions. In a significant move forward, the European Investment Bank (EIB) announced its intent to allocate €400 million for the design and construction of the Baltica 2 offshore wind farm located in Polish waters. Once completed, this project will stand as the largest wind farm in the EU, with a capacity of 1.5 GW.
During 2024, the EIB ramped up its financing for initiatives focused on the green transition, climate action, and environmental sustainability, reaching a total of €50.7 billion. This amount represents 57% of the bank’s total financing for the year, underscoring its commitment to foster a sustainable energy future in Europe.
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