"The European energy transition may be in full flow, but how European is it, really? Although a record 47% of the EU's energy came from renewables in 2024, and EU countries now invest ten times as much in renewable energy as they do in oil and gas, the picks and shovels behind this green gold rush mostly come from elsewhere."
"In purely economic terms, the answer is probably the latter, says Daniel Grosvenor, energy and resources specialist at consultants Deloitte in London: "What Europe really needs most of all is cheap, abundant and reliable energy. The broader economy will thrive more from that than from building its own renewable energy supply chain." Developing local capacity would almost certainly cost more and result in a slower rollout than relying on established providers, Grosvenor adds."
European renewables supplied a record 47% of the EU's energy in 2024, with EU countries investing ten times more in renewable energy than in oil and gas. Manufacturing of key components remains concentrated in China, which supplied 92% of the world's solar PV panels and 82% of wind turbines in 2024. No European firms feature among the top ten solar PV producers, and only Vestas is a leading European wind turbine manufacturer. Relying on established low-cost suppliers can speed deployment, while building local capacity would raise costs and slow rollout. Chinese EV brands now account for 9.5% of EV sales in Europe.
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