This summer is born for the Olympics—you might be amazed by the creativity of the Paris Olympics opening ceremony, or cheer for the athletes, but have you ever understood the principles that the Paris Olympics uphold? This Olympic Games is trying to embrace the concept of "doing more with less", According to the description from the International Olympic Committee, Paris 2024 organizers are laser-focused on reducing emissions. The Games will cut the footprint by 50% compared to the London 2012 and Rio 2016 average, aligning with the Paris Agreement on Climate Change.

(Source: International Olympic Committee)

Therefore, it is not surprising that there is a debate about whether to install air conditioning in athletes' accommodation. Before the opening of the Games, many media indicated that the organizers wanted the Games to be “the greenest ever”, so they designed a geothermal cooling system that pumps cold water from deep beneath the ground to keep indoor temps at least 6°C lower than outside. The organizers were determined to avoid installing air conditioning in this system. However, it appears to be ineffective against the hot weather in Paris. Even with fans installed in the bedrooms, athletes continue to complain. Some find it cooler outside than inside, and a few even take naps on the lawn. Despite this, many national delegations expressed upset about the decision. They engaged in arguments with the organizers before the opening of the games. Eventually, the organizers reluctantly agreed to provide temporary air conditioning, which the delegations will have to pay for.

Some people believe that the green dream of the Paris Olympics has been broken. However, the organizers remain ambitious about hosting a more sustainable and cost-effective Olympic Games. Some reports indicate that the 2024 Olympics will rely on carbon offsets to achieve the goal of halving the event’s carbon footprint compared to previous Olympic Games. According to data from the 2024 Olympics, the organizers have already purchased 1,472,550 tons of carbon credits from 13 different projects. Additionally, the Paris 2024 Pre-Games Sustainability Report shows that the estimated carbon footprint of the Paris 2024 Games is 1.58 million teqCO2, even lower than the target of 1.75 million teqCO2. Furthermore, the Olympic Games will use 100% locally sourced renewable energy, with solar panels installed at the Aquatics Centre and the Olympic Village. As the birthplace of the Paris Agreement, Paris is setting a good example for the world this time.

(Source: EHS Guru Sustainable Solutions Private Limited)

European governments are currently imposing limitations on the use of carbon offsets and carbon credits. In January 2024, the European Parliament published a policy called "Empowering Consumers for the Green Transition." This policy aims to protect consumers from deceptive marketing practices and to prevent "greenwashing" habits in marketing. Carbon offsets are used to achieve "carbon neutrality" because any product or service production process that requires energy may result in carbon emissions. Current production technology has not yet reached net-zero emissions. Therefore, companies purchase carbon credits to fund carbon reduction and carbon sequestration projects to offset their carbon emissions. The paradox lies in the fact that to achieve “carbon neutrality,” carbon offsets cannot be avoided, but if not used correctly, they will be considered as greenwashing.

So, can the EU achieve its carbon neutrality goal by 2050? According to EU Monitor, the EU is the world’s fourth-largest greenhouse gas emitter. As a key player in UN climate change negotiations, the EU enshrined its goal of achieving carbon neutrality by 2050 into law and set a target of reducing emissions by 55% by 2030. Although the latest policies may impact the carbon offset market, they will significantly benefit industries related to green power and energy-saving technologies. These policies can encourage companies to upgrade production equipment and save electricity.

According to data from Statista, the EU's energy storage demand is anticipated to reach nearly 200 GW by 2030. The United Kingdom, Spain, Germany, and Italy are expected to lead the European energy storage market. The official EU statistics indicate that the EU electricity market made significant progress in transitioning to green energy in the first quarter of 2024. During this period, the data shows that 46% of electricity generation came from renewable energy, with solar power generation increasing by 20%. In November 2023, the European Commission introduced the "Action Plan for Grids" to modernize the grid. It is projected that at least €584 billion in investments will be necessary to upgrade the European grid by 2030. The transformer, as essential equipment for grid connections, holds significant potential in European. Global Market Insight estimates that the Europe transformer market was worth $10.3 billion in 2023 and is forecasted to grow at a CAGR of 8.7% from 2024 to 2032, reaching a market value of $21.9 billion by 2032.

(Source: Global Market Insight)

The Paris Olympics have served as an excellent model for European sustainable development. Two years later, the Winter Olympics will take place in Milan, Italy. This event is expected to create new opportunities for the power industry and the energy storage market in Italy. According to estimates by the U.S. International Trade Administration, the installation of new renewable energy plants in Italy almost doubled from 2022 to 2023, increasing from 3 to about 6 GW, primarily in the photovoltaic sector. The Italian government has also announced plans to encourage investments in utility-scale energy storage over the next decade, with a target of at least 70 GWh valued at over €17 billion. 6Wresearch projected that the Italian transformer market could experience significant growth, with a forecasted annual growth rate (CAGR) of 4.4% from 2024 to 2030. This highlights the shared commitment to low-carbon and sustainable development concepts across Europe, indicating a substantial low-carbon market in the region's future.

Humans are making strides towards achieving carbon neutrality. Around the world, regions and countries are taking steps to promote low-carbon concepts and develop green economies. Europe has set an ambitious timeline for achieving carbon neutrality, which can rank at the top of the world. We can wait and see whether they can complete this complex task on time.

As a leading transformer manufacturer, CEEG is dedicated to modernizing global power grids and supporting energy storage. Our product range includes the energy storage series and the transformer series. CEEG integrates research, design, manufacturing, and sales to provide customers with the highest quality products, the best services, and diverse solutions. Currently, our products are available in over 80 countries and regions worldwide. If you are interested in our products, we assure you of receiving top-notch products and services!