Renewable Energy Investments Soar in Europe as Finland Increases Wind Power Capacity by 75%

According to the Finnish Wind Energy Association (FWPA), Finland’s wind power capacity increased by 75% in 2022. The country put 427 new wind turbines into operation, boosting its capacity by 2,430 megawatts. This increase in wind power capacity is expected to provide the country with a significant lifeline during the current energy crisis, as almost half of Finland’s wind power is domestically owned. The increase in renewables is also helping Finland achieve its ambitious climate goals, as the country hopes to be one of the first in Europe to reach net zero, setting a 2035 target.

Potential environmental impact:

The growth in renewables is having a positive impact on Finland’s economy, as the wind power added in 2022 brought €2.9 billion in investments to the country. Furthermore, with the cost of renewables trending downwards, it could also reduce the country’s energy prices in the future. Additionally, the increase in wind power is helping Finland achieve its ambitious climate goals, with wind power expected to cover at least 28% of Finland’s electricity consumption by 2025, up from almost 10% in 2021. The surge in renewable energy is also not just limited to Finland: solar power in Europe also soared by almost 50% in 2022.