00:00Several European utility companies are scaling back their renewable targets, according to
00:07media reports. Some of the companies tamping down their targets include Statkraft, the
00:12largest producer of hydropower in Europe. Company officials say the organization is
00:17reviewing its annual targets for new renewables capacity. Meantime, Portuguese energy company
00:23EDP is cutting back its plans, citing high interest rates and lower power prices. Those
00:30announcements come as Denmark's Ørsted, the world's largest offshore wind developer,
00:35said it was reducing its renewable goals for 2030 by more than 10 gigawatts after it abandoned
00:41two large U.S.-based projects due to rising costs. The push to develop renewables comes
00:46after countries agreed to work towards tripling capacity to 11,000 gigawatts by 2030 at the
00:53COP28 climate summit in December. However, industry analysts suggest the number of companies
00:58scaling back and reviewing plans highlights the economic difficulties of transitioning
01:03away from fossil fuels, saying, quote, there has been a big reality check around renewables
01:09growth and there's been a huge change in the cost environment.
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