The European Commission, which is the regulatory arm of the European Union (“EU”), has modified the regional block’s energy law with an aim of setting targets for the use of sustainable forms of energy in the heating, cooling and transportation sectors. The new plan mandates member states to reduce the emissions from new vans and cars by 65% before the end of 2035 when compared to the levels of emissions registered in 2021. Thereafter, countries are expected to cut emissions by 100 percent in comparison to the levels of 2021.
The enhanced emissions law also came with additional rules asking governments to ramp up the establishment of EV charging infrastructure. Additionally, the plan sets out suggestions to increase the proportion of renewable energy in the EU block from 32%, which it is currently, to 40% by 2030.
This law can be looked at as a model by other jurisdictions that would like to reduce their carbon emissions and also bolster investment into the industries crucial to bringing new innovations in the green energy sector.
The U.S. Energy Information Administration (“EIA”) recently reported that there was a significant increase in large-capacity solar installations, and the agency projected that solar would soon exceed the penetration of wind energy in 2022, something that had never happened before. The EIA also projects that solar as well as wind energy capacity in the country would grow to 15% of all the energy generated within the United States. Currently, wind and solar account for just 11% as per the records for 2020. The EIA forecasts that 17GW of solar energy will be brought on line this year while wind will add just 6GW of energy in 2021.
The trend of renewable energy growth isn’t in the U.S. alone. Statistics indicate that globally, the amounts of green energy generated in 2020 exceeded that generated in 2019. This growth occurred as a reduction and was observed in the amount of natural gas, coal and oil used to generate electricity in different jurisdictions.
The growing uptake of renewable energy, especially with the enactment of enabling laws in major regions, such as the EU, the U.S. and other major world powers, is likely to boost the demand for the minerals extracted and marketed by firms such as Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) since those metals will be needed to manufacture electric vehicles, establish wind and solar farms, as well as set up the associated infrastructure.
NOTE TO INVESTORS: The latest news and updates relating to Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) are available in the company’s newsroom at https://ibn.fm/EXN
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