Europe is gearing up for a substantial investment of up to 650 billion euros by 2050. The focus of this financial commitment is twofold: the conversion of refineries to produce advanced biofuels and the establishment of new production units for synthetic fuels derived from green hydrogen, water, and renewable electricity.
Liana Gouta, the General Director at the European Fuel Manufacturers Association (Fuels Europe & Concawe), sheds light on the ambitious endeavor in an exclusive interview with the Athens-Macedonian News Agency (ANA-MPA).
Gouta emphasizes the formidable task ahead for European refineries – finding a delicate balance between remaining competitive, ensuring profitability, and undertaking significant investments to produce a specific range of renewable fuels. The shift towards advanced biofuels and synthetic fuels is a response to the imperative of a sustainable future. However, it presents a critical challenge for refineries to navigate during the transition period. Gouta notes that while the transition is vital, it introduces serious risks that could impact the survival of European refineries. These risks, if not carefully managed, may affect the energy security of European citizens and increase dependence on imported fuels, a factor that requires meticulous consideration.
Gouta draws attention to the importance of realism in the decision-making processes of the European Union. Lessons from past crises, such as the Russian invasion of Ukraine, underscore the need for practical and well-calculated choices in shaping the energy profile of the continent. The complexity of geopolitical events and their impact on energy security necessitates a strategic and realistic approach.
Looking ahead to 2050, Gouta envisions a Europe powered not by one or two but a diverse range of green technologies. Beyond the well-established avenues like green electrification and hydrogen, she highlights the pivotal role that renewable fuels will play in the energy transition. These fuels offer distinct advantages, including production from domestic sustainable raw materials, widespread distribution through existing infrastructure networks, and contributions to energy security, the circular economy, and decentralized energy production and distribution.
Gouta emphasizes regional strengths, stating that Central and Northern Europe will have advantages in biomass production, while Southern European countries, including Greece, will lead in synthetic fuel production. Greece, with its abundant and affordable green electricity and green hydrogen, is poised to become a hub for the production of synthetic fuels (efuels). This strategic positioning aligns with Greece’s renewable potential and geostrategic advantage, presenting an opportunity for the country to play a crucial role in transporting green energy throughout Europe.
