EIT InnoEnergy and SolarPower Europe have launched the European Solar Initiative (ESI) which aims to capture the demand for PV energy, estimated at 20GW per year for the next decade.
With the support of the EU, ESI wants to accelerate Europe’s climate agenda and economic recovery, contributing to delivery of the European Green Deal objectives.
The ESI aims to re-develop a strong PV manufacturing industry in Europe across the entire value chain from raw materials to recycling, which will capture the additional 20GW of annual solar demand forecasted in Europe for the next decade.
This is expected to generate €40bn of GDP annually and create 400,000 new direct and indirect jobs across the PV value chain.
SolarPower Europe chief executive Walburga Hemetsberger said: “As the lowest-cost and most job-intensive renewable technology, solar is poised to deliver the goals of the European Green Deal and Green Recovery.
“The momentum is building to scale up manufacturing activities in the EU, based on the strong domestic market uptake confirmed in 2020 despite the COVID-19 pandemic and the sustained technological leadership of European companies.
“Following the successful launch of the Solar Manufacturing Accelerator in May 2020, today we are delighted to further boost the solar industry, with EIT InnoEnergy, by launching the European Solar Initiative.”
EIT InnoEnergy chief executive Diego Pavia added: “Enabling strategic value chains which accelerate the energy transition is at the core of EIT InnoEnergy’s mission.
“This ESI for the PV industry would be our third, after batteries (EBA) and hydrogen (EGHAC).
“The mix of National Energy and Climate plan demand, low cost of capital, notable successes in European technology development and a return of investment into the sector has created fertile ground for a rebirth of European PV.
“Europe has learnt from its previous experiences and with the Green Deal’s powerful, unambiguous political and business framework in place, scale and speed are going to be the key to unlocking PV’s potential.”