Luis Janiero is a program officer working on renewable energy roadmaps at IRENA, before joining IRENA, he worked for five years at the Ecofys. Seán Collins holds a PhD from the University College Cork and as an Associate Program Officer on renewable energy roadmaps. The region is very heterogeneous. That is Southeast Europe, the income and the sizes of the system are very different from Austria and Italy to Cosmo and Bulgaria. Nonetheless, the countries each face the same challenge on the security of supply and high use of fossil fuel. For example, 90% of the oil is imported and over 70% of natural gas is also leading to the security of supply concerns. we delve into the future scenarios in this interview, the 2030 reference model, how things are going now and also the projected 2030 remap. This is what the future can be with the use of renewables. This is not a Fossil Free future scenario. But the advantageous use of renewables does shine through the model.
We touch on the importance of finance for renewables and risk for investors and the cost of capital and how this impacts a new project, the higher cost of capital in the region could slow down the deployment of renewables. My takeaway from this report, in our discussion with Luis and Shawn, is the result of the models are achievable and practical for the region. Their model is a moderate one of what can be done by 2030. So just in 10 years, even here, it provides policymakers and even citizens of the region, and ability to perceive a different future, which more holistically embraces a cleaner future with cleaner air and a lower at a lower cost than what is the current trajectory.