Imports of green energy products in EU and Cyprus increase rapidly in 2022

Imports of products connected to the production of green energy to the EU more than doubled in 2022 compared to 2021, and almost tripled in Cyprus, while exports of such products from the EU to non-EU countries were significantly lower and were lower than 2021, according to data released by Eurostat.

The data illustrate changes in the market of green energy products such as wind turbines, liquid biofuels and solar panels, which are important in the context of efforts to achieve the goals of the European Green Deals as well as to reduce energy import dependencies from Russia.

In 2022, the EU spent 28.4 billion euro on imports of green energy products (including wind turbines, solar panels and liquid biofuels) from extra-EU countries, more than double the amount in 2021 (13.3 billion euro).

According to available data, Cyprus imported a total of 19.270 million euro in green energy products in 2022, compared to 4.955 million euro in 2021, which points to the value of imports having almost tripled in the intervening period.

Focusing on specific products, the EU imported 22.6 billion euro worth of solar panels in 2022, a 145% increase compared with 2021 (9.2 billion euro). Increases were also recorded for liquid biofuels with 2022 imports reaching 5.1 billion euro, up 49% on 2021 (3.4 billion euro). An increase was also recorded in imports of wind turbines, which rose 17% to 0.8 billion euro in 2022, from 0.6 billion euro (2021).

According to data available for Cyprus, the largest share in green energy products in value in 2022 was that of products related to solar panels, amounting to more than 19 million euro.

Compared with 2012, imports of all three green energy products have increased in the EU. Imports of solar panels are up 137%, imports of liquid biofuels are up 60% and imports of wind turbines are up 504%.

Exports from EU significantly lower

The value of green energy products exported by the EU to extra-EU countries was significantly lower (3.7 billion euro) and was 27% lower than the corresponding 2021 figure (5.0 billion euro).

Meanwhile, exports from Cyprus to non-EU countries in 2022 were connected to solar panels but were rather low (valued at 209 thousand euro), while having increased compared to 2021 (52 thousand euro).

Exports of wind turbines from the EU were valued at 1.3 billion euro in 2022, which represented a significant decrease (-59%) on those in 2021 (3.2 billion euro). Solar panels totalled 0.8 billion euro in 2022, up 44% from 2021 (0.6 billion euro). Liquid biofuel exports numbered 1.6 billion euro, up 23% from 2021 (1.3 billion euro).

Exports of liquid biofuels only totalled 0.5 billion euro in 2012 and grew to 1.6 billion euro in 2022, representing a 235% increase on 2012 exports. Exports of solar panels have seen a more modest increase (25%), from 0.6 billion euro in 2012 to 0.8 billion euro in 2022. Wind turbine exports have recorded a -55% drop, from 2.9 billion euro in 2012 to 1.3 billion euro in 2022.

(Source: CNA)