European wind power firms have been advocating for increased assistance, contending that the influx of affordable Chinese imported Wind Turbines pushing domestic turbine manufacturers to the brink of collapse.
Western subsidy systems operate under the assumption that investors will back the introduction of new products and eventually turn a profit after a few years.
However, the renewable energy sector faces distinct challenges. The timelines for introducing new products are considerably longer, especially for offshore wind turbines. These turbines must increase in size before they are even proven effective. Transitioning to floating turbines seems like an elusive path to profitability.
Climate change is an undeniable reality, and to achieve a net-zero future, we must shift away from dependence on oil and gas.
To effectively address the issue of more affordable Chinese imported turbines, the European Union must also reevaluate how it supports renewable energy companies on their journey toward achieving net-zero emissions.
Read the full story here in the Financial Times