The Ukraine crisis initiated quite a few strategic issues and ad hoc solutions European countries are forced to take. One of them is the ending of the dependency on Russian oil.
Just as Covid-19 has accelerated the development of many solutions that we thought would take much longer, energy solutions are also being rapidly developed in the energy sector.
Regarding the increased need for electricity, two suggestions stand out in particular: a drastic increase in the number of solar panels and the return of “opted out and dangerous” nuclear power plants.
Rising prices of electricity
As all over the world, Europe is facing two opposing forces. On one hand, authorities recommend lower electricity consumption. On the other hand, electricity is aimed at becoming the main source of power.
One of the suggestions is to increase the number of solar rooftops. Solar photovoltaics (PV) produce only 5% of electricity in the EU, although costs have fallen by more than 80% in the last decade. This is where the European Commission sees the opportunity and wants to promote the installation of solar energy in all relevant public buildings by 2025, Reuters reported.
This is not a new initiative, though. It was outlined in the “Paris Agreement” in 2016. But Russian crisis forced Europe into accelerated action. In early May, some EU Member States called for mandatory solar panels on public buildings. The energy ministers of Spain, Lithuania, Austria, and Luxembourg have pointed out that any solar project “immediately and directly reduces our energy dependence on Russia.”
After that, Belgian Minister Tinne Van der Straeten joined and supported the initiative to make solar panels on rooftops mandatory.
On May 18th, REPowerEU was introduced. It is a “plan for saving energy, for producing clean energy, and diversifying our energy supplies,” as Executive Vice-President Timmermans stated. It is also a plan to rapidly reduce dependence on Russian fossil fuels. The goal is to “double solar photovoltaic capacity by 2025 and reach 600 GW by 2030.”
Finally, the president of the European Commission, Ursula von der Leyen, has announced a mandate for rooftop solar energy on public and commercial buildings by 2027. For residential buildings, the due date is 2029.
Nuclear reactors to accelerate green energy production
The second suggestion that suddenly appeared on the table is nuclear power. It seems that the whole world, including the EU, is pro-nuclear reactors. Even Biden’s administration is “very bullish on new nuclear technology” with $1.8 billion requested in Biden’s fiscal 2022 budget for nuclear energy. This is up 50% from last year’s levels.
It was quite a surprise for many people. The 1986 Chornobyl accident fueled the anti-nuclear movement and resistance to nuclear power. However, governments had an appropriate response: “Russian technology was not as sophisticated and safe as ours is now.”
Then Fukushima happened, which refuted this argument. People began to massively endeavor for shutting down nuclear power plants. However, the situation became complicated in Europe with the war in Ukraine.
There was no best option anymore; only the less bad ones left. Either to rapidly shut down nuclear power plants – and thus stay dependent on Russian oil and gas – or to keep them operating, become independent but risk nuclear catastrophe.
A recent survey conducted in March 2022 in Germany, the EU’s largest economy, revealed that as much as 70% of respondents are in favor of retaining nuclear power plants. They are more prone to live off nuclear energy than be dependent on Russia.
But not all agree. Michael Kruse, a spokesman for the Liberal Free Democrats’ energy policy, said the debate on delaying phasing out or investing in new power plants “is not future-oriented.” After all, 92 percent of respondents believe that Germany should accelerate the introduction of renewable energy sources, such as solar and wind, and thus achieve independence from both nuclear energy and Russia.
To reduce Russian gas imports in the short term, the German government is preparing to temporarily use more coal, which Kruse said was a better option than relying on nuclear energy.
Hand on heart, the possibility of maintaining nuclear power plants is more realistic than the introduction of completely new sources of electricity. Now, in the era of green energy, Brussels is seeking the approval of EU countries to label gas and nuclear energy as climate-friendly investments.
An innovative rising star is revealing a new trend
Either way, we cannot expect the price of electricity to decline. Quite the opposite. With the flood of electric cars slowly breaking into the mainstream, new questions are being raised. For example, can we expect that “electric fuel” will someday cost as much as fossil-based fuels cost now per mile? Electricity consumption will only increase, and there are currently no new sources of cheap and green electricity. Higher demand and limited supply will only increase the price of energy.
The need for alternative energy and the reduction of greenhouse gases are forcing innovators and visionaries to find new solutions. One of them that could make a key contribution to solving this problem and even start a new trend is a special, US$ 22 billion mega-project called Themis Ecosystem.
It unites advanced but already proven green technologies in the most important areas – wastes, energy, medicine, transportation, housing, food, and IT – under one umbrella.
Two of the products every project creates – the end product, like green electricity, and CO2 reduction – are evaluated according to a special model and converted into electronic vouchers called Industrial Tokens or iTo. By purchasing iTokens, the supporter buys a proportionate share of the products created by the technology.
Because the iToken also contains a proportionate share of CO2 reduction, it also allows the supporters to become CO2-neutral, by purchasing a certain amount of Industrial Tokens alone. That is, without the need to change their lifestyle. As a result, this solution opens realistic possibilities for mass adaptation and implementation.
Roberto Hroval, the founder of Themis Ecosystem, has successfully paved a new green, mainstream road
Currently, iTos are only available to larger supporters. The company is in a period of transformation because growth has overtaken them.
“Taking into account market opportunities and all the potentials, the Themis Ecosystem project is becoming an important player in the global market,” the founder Roberto Hroval confirmed. “One of our legal divisions is currently working with Deloitte, conducting a study on the value of the Industrial Token. The goal is to realistically evaluate iToken and recognize it as an intangible fixed asset. Consequently, the entire Themis Ecosystem project will get actual value in USD which will make it an even bigger player in the mainstream market.”
This will give Themis Ecosystem a whole new flair, as it is estimated to be worth between two billion and over twenty billion (depending on the timeframe).
The founder also revealed that the Irish Department of Finance is working on an affirmative procedure since they are opening a new company and office there. Ireland was chosen for a similar reason as Google, Facebook, and other big ones have chosen it. The country is open to innovations and has a special bilateral agreement with both the US and the EU.
Roberto Hroval also confirmed that the development of the project is going in the right direction and is exceeding all expectations. After all, their first iTo, the PP8 iToken, is worth today 2,000% more than when it was released.