Source: Energy & Management Powernews, May 09, 2022
A study certifies the "Easter package" of the Federal Government for the expansion of renewables enormous potential. Within ten years, up to 409,000 new jobs could be created.
Pioneer in Europe, job engine, medium-term turbo for the economy and turning point to the sustainable economy: The Vorschusslorbeeren for the "Easter package" presented by the Federal Government could hardly fail more luxuriantly. A study by credit insurer Allianz Trade sees great potential in the plans of the traffic light coalition, provided they overcome existing hurdles.
The transformation of the energy system could trigger strong economic developments, believe the experts at the Allianz subsidiary, which is based in Paris. The goal of producing three times as much renewable electricity by 2030 would lead to more growth and jobs. Over the next decade, Allianz trade economist Katharina Utermöhl predicts up to 409,000 additional jobs.
Energy transition must overcome numerous obstacles
But at the same time, the analyst lists what stands in the way of the "ambitious" plans: Bureaucratic obstacles, rapid price increases, supply chain disruptions, shortages of raw materials and labor shortages. In addition, Utermöhl said, "the package requires corresponding investment by the private sector. If this succeeds, it will be a turning point on the road to a sustainable economy."
Russia's war of aggression against Ukraine is seen by Allianz Trade as a serious disruptive factor for the "next phase of the green transformation" for which the "Easter Package" has given the starting signal. On the other hand, the weaning of Russian energy imports is increasing pressure on Germany to speed up its transformation.
With this backdrop, Allianz Trade identifies two different developments with a view to a greener economy. Russia's incursion has "not led to more ambitious long-term climate targets" among companies, says Utermöhl's colleague Markus Zimmer. But he recognizes a "significant acceleration in short- to medium-term investment targets in renewable energy." The energy turnaround is likely to receive broader support from politicians and the population, Zimmer believes, which is "a crucial success factor" for the transformation of the energy system.
Many companies still lack the will to be more sustainable
Allianz Trade credits a large proportion of companies with having to "rethink" their business models. Currently, according to the latest global trade study, there is still a lack of willingness in many cases to prioritize the issue of sustainability more strongly and to sharpen their sustainability strategies. Almost three quarters of the export companies surveyed worldwide told Allianz Trade that they do not take sustainability aspects in the areas of ecology, social affairs and corporate governance (ESG criteria) into account when selecting their trade markets. In Germany, only one in three export companies pays attention to this.
Also, Allianz Trade criticizes inadequate frameworks for a more climate-conscious economy. "Carbon prices are still too low to trigger a change in companies or to drive up sales prices," says Milo Bogaerts, managing director of Allianz Trade in Germany, Austria and Switzerland. Sustainability issues are still not perceived as a risk to business by most exporters, he adds. Thus, the commitment to less greenhouse gas emissions still has a lot of room for improvement.
Bogaerts does not leave it at the criticism of a lack of sustainability awareness. At the same time, he sees "an opportunity that companies can seize now to secure decisive competitive advantages by investing in their own sustainability at an early stage - and to support global trade on the path toward climate neutrality."
Allianz Trade has published the study, written in English, on the energy transition in Germany "Germany's Easter package: Great green intentions" and also the "Global Export Survey" deposited on the Internet.
Author: Volker Stephan