00:00For more, let's speak to Jan Roseneau, Professor of Energy and Climate Policy at the University of Oxford.
00:06Professor, great to see you. So just five years ago, remember solar was just a supplementary power source,
00:12but in June, largely because of the heat wave, it was the largest power source.
00:16So can we genuinely or really call it a turning point?
00:21I think so. And usually it starts with the first day when solar provides most of the electricity and is
00:30the biggest source.
00:31Then it is perhaps a week, then maybe a month. And in some countries, eventually it is a full year.
00:39That's usually how we reach these tipping points.
00:43And there's now lots of countries around the world where we see a similar pattern emerge.
00:48Whether you look at Pakistan or you look at Australia, it's not Europe where this is happening.
00:55This is happening around the world. And the main reason is that solar has gotten so much cheaper over the
01:01last 10, 15 years than ever before.
01:04And that is driving that significant uptake that we're seeing.
01:07As you said, if solar power is becoming so abandoned and so much cheaper over the past years,
01:13why does electricity still feel so expensive?
01:17Well, you know, the cost of energy on your electricity bill is is only about half.
01:24You know, there's other things on the bill like costs for the network or we have to subsidize energy efficiency
01:32measures
01:33and lots of other policy programs that are often still on the electricity bill.
01:38And that means that even if we see lower electricity prices in the wholesale market, overall, electricity bills are not
01:46going down as much yet.
01:48I think that is going to change now because the European Union has just published its electrification action plan.
01:55And alongside that, they want to incentivize the use of more electricity.
01:58And they want to do this by lowering the taxes on electricity compared to fossil fuels.
02:04And, Professor, in renewable energy, a strong player is China.
02:07And much of the solar panel manufacturing capacity is also in China.
02:11Do you think Europe can achieve net zero without relying too heavily on China?
02:18Well, clearly, China will continue a very important role in the transition.
02:24I don't think it is realistic that Europe can create its own manufacturing capacity to make solar panels and battery
02:31cells.
02:32There are other technologies where Europe can produce a lot of the technologies domestically.
02:37But we have to recognize it is a global transition.
02:41And it is an interconnected world.
02:43And we have to rely on a whole bunch of other countries, not just China, to make this work.
02:49So, I believe even in 20 years' time, China will still play a very important role when it comes to
02:55manufacturing some of the clean energy technologies.
02:58Thank you very much for your insight.
03:00That is Professor Yang Rosenau from University of Oxford.
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