Solar power generation is increasing more rapidly in Central and Eastern Europe than in any other region on the continent, outpacing the growth seen in wealthier and sunnier areas.
Ember estimates that 20% of global electricity generation across midday peaks on the solstice today will come from solar and in the entire month of June.
Last year marked a significant milestone as renewable energy surpassed 30% of the world's electricity generation for the first time.
In the past year, wind energy production in Europe surpassed that of gas-fired power plants for the first time.
Wind and solar energy reached a record high of 12% of global electricity generation in 2022. All renewable energy sources, including nuclear power, comprised 39% of global electricity last year. Meanwhile, EU countries are lagging behind with wind power expansion.
A significant portion of EU grants is allocated to support sustainable initiatives, further driving the rise in these types of loans.
Polish energy group Orlen announced that its subsidiary, Energa Operator, has secured a €1.8bn loan to modernize the power grid, preparing it for the integration of renewable energy sources.
OMV Petrom announced the commencement of construction for a production unit dedicated to sustainable aviation fuel (SAF) and renewable diesel (HVO) at the Petrobrazi refinery.
The European Investment Bank (EIB) is providing a €240 million loan to Slovakia for co-funding of EU-supported green and digital projects across the country.
In line with its 2030 ambition to decarbonize the hydrogen used in its European refineries, TotalEnergies has signed agreements with Air Liquide to develop two projects in the Netherlands.
