The European Union (EU) is decisively turning to solar power to strengthen its energy security, a move accelerated by concerns over reliance on Russian oil and gas. According to a report from the European Investment Bank (EIB) highlighted by PV Tech, solar energy is not just an environmental choice but a strategic imperative for safeguarding the EU’s energy independence.
EIB Report Highlights the Role of EU energy security solar
The European Investment Bank’s annual “Energy Lending Report” places solar energy at the forefront of the EU’s quest for energy security. The report starkly illustrates the EU’s previous vulnerabilities, noting that 27% of its total energy consumption in 2021 came from imports. In a firm response, the EIB has committed to investing €10 billion in renewable energy projects by the end of 2024, with solar power as a cornerstone of this strategy.
The push to reduce reliance on fossil fuels has already yielded significant results. Recent data shows that solar power is a rapidly growing force, with an impressive EU solar electricity milestone achieved in 2025 as it becomes a leading source of generation. A report from the energy think tank Ember suggests that continued electrification powered by renewables could halve the EU’s fossil fuel imports by 2040. The EIB projects that solar energy will account for 24% of the EU’s electricity consumption by 2050, with an installed capacity of 1.5 terawatts (TW). This transition is critical for both achieving ambitious climate goals and ensuring long-term energy resilience.
Green Deal and EU energy security solar Opportunities
The EIB’s report emphasizes solar energy’s potential to fuel economic growth and create jobs across the EU. The bank projects its renewable energy investments will help create 1.5 million jobs by 2030, a vital boost amid ongoing economic challenges. This growth is directly linked to bolstering European solar manufacturing, reducing import dependency for components.
At the heart of this strategy is the European Green Deal, a comprehensive roadmap to make the EU climate-neutral by 2050. The EIB’s investments align perfectly with the Deal’s goals of cutting greenhouse gas emissions and fostering sustainable growth. Understanding the basics of solar panel manufacturing is becoming increasingly important as the continent scales up its domestic production capabilities.
The report identifies key areas for solar’s transformative impact, including decarbonizing the electricity sector and electrifying transport. The EIB has prioritized investment in solar, especially in sun-rich regions. However, this expansion also brings challenges, such as securing a stable supply of the necessary solar panel raw materials to avoid new dependencies.
EIB Commits €4 Billion to Renewable Energy Projects for EU energy security solar
The EIB’s commitment is already delivering tangible results. The growth of solar and wind power saved the EU an estimated €59 billion in fossil fuel import costs between 2019 and 2024. In 2022, the bank financed major solar projects, including the EU’s largest solar park in Spain and the EU-backed Albania solar park. The strategy also includes innovative technologies and diversifying energy partnerships, such as supporting solar panels production a bridge to Europe’s renewable future.
Looking forward, the EIB plans to finance at least €4 billion in renewable energy projects annually, with a major focus on solar. The bank is also working with member states to create supportive policies. Programs like the EU & Czech subsidies for solar manufacturing investments exemplify how targeted funding can stimulate local industry and accelerate the transition. For homeowners and tenants in countries like Germany, these large-scale investments complement national incentives for rooftop solar, making clean energy more accessible and affordable.
The EIB’s report arrives at a crucial moment. The war in Ukraine has highlighted the acute risks of fossil fuel dependency, while the effects of climate change demand urgent action. Solar energy presents a powerful, sustainable solution to these intertwined challenges.
The European Investment Bank’s report underscores the strategic role of solar power in solving the EU’s energy security puzzle. By slashing reliance on fossil fuel imports and driving the transition to a low-carbon economy, solar is paving the way for a more secure and sustainable energy future for Europe.
To learn more about the intricacies of bringing solar power to life, from the factory floor to your roof, explore our free e-course on solar panel manufacturing.
