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Sweden to Reach Its 2030 Renewable Energy Goal This Year

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Sweden will make an exceptional feat by reaching its renewable energy target this year, which means the country will be more than a decade ahead of its original schedule, reported The Christian Post (US).

Business Day reported that come December, the Nordic country has already installed a total of 3,681 wind turbines based on the estimation of the Swedish Wind Energy Association. When combined with second-half investment decisions, the country will have more than enough capacity to reach a target to include 18 terawatt-hours of new renewable energy output before the end of the upcoming decade.

Yet according to Bloomberg, the rise in new installations as well as investment decisions increased the concerns of the existing power producers who depend on subsidies to make their projects feasible financially. According to the report, the forward prices in the renewable certificate market are marked 70 percent lesser for 2021 compared to the prices for 2020 due to the developments caused by the new installations.

"For Sweden to remain interesting for investors ahead of markets with higher revenues but greater political risks, it is important for policy makers to show that they care about past investments," Swedish Wind Energy Association spokesperson Mattias Wondollek said in a statement. "This is done best by introducing a volume-based stop rule," he added.

This only means that once the goal for 2030 had been reached, the new investors will no longer get subsidies.

In addition, the lobby group estimates that the final investment decision for as much as 840 megawatts was already reserved in the second quarter. As much as 7,506 megawatts of wind capacity are also expected to be installed in the country by December.

Sweden has been determined to be one of the 12 countries that leads the switch to renewable energy according to Click Energy. Other nations include Iceland, Costa Rica, Nicaragua, the UK, Germany, Uruguay, Denmark, as well as China.

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