The World Bank has reported that several Central and Eastern European (CEE) nations, including Poland, Bulgaria, Croatia, and Romania, are on track to significantly expand their clean tech exports. This surge could greatly contribute to the European Union’s efforts to meet its 2050 net-zero target, while enhancing the EU’s global competitiveness.
According to the latest World Bank EU regular economic report, clean energy technology exports from these CEE countries could triple in the coming years, assuming they maintain their current market share. This potential growth could strengthen the EU’s economy, reduce its reliance on foreign energy sources, and support its ambitious climate goals.
Countries involved in this expansion include Croatia, Bulgaria, Romania, and Poland, with a focus on technologies such as heat pumps, solar panels, electric vehicle batteries, and wind turbines. However, the success of this expansion hinges on achieving the EU’s Net Zero Industry Act (NZIA) goals, which aim to meet 40% of the EU’s clean tech needs domestically by the end of this decade and 15% of global clean energy demand by 2040.
In addition to reducing dependency on external energy sources CEE countries stand to gain substantial economic benefits from this clean tech export boom. These nations are currently grappling with rising consumer prices, particularly for essentials like food, which has worsened food insecurity and poverty. The economic challenges are compounded by stagnant real wages.
Encouraging increased clean tech exports from the region could help CEE countries recover from recent economic challenges, including the aftermath of the pandemic. However, the EU will need to adopt a coordinated strategy across its member states to prevent internal competition, foster private sector investment, and invest more in research, development, talent, and robust supply chains.
