EU Renewable Targets Could Reduce Gas Demand by 25% by 2030
The European Union (EU) is on track to significantly reduce its natural gas demand by 2030 if it meets its renewable energy targets, according to the Institute for Energy Economics and Financial Analysis (IEEFA). The EU aims to install at least 4 million heat pumps, 75 gigawatts of solar, and 22 gigawatts of wind capacity annually over the next five years. Achieving these targets could cut gas demand by a quarter, equivalent to twice the volume of LNG imports from Qatar. Despite progress, the EU is still behind its 2030 renewable energy target of 42.5%, requiring a substantial increase in renewable energy adoption.