Hungary to invest EUR 15.8 billion in energy

Hungary's energy independence is under new scrutiny because of the Russia-Ukraine war.

Internationally, energy has become scarce and expensive, while the energy requirements of the Hungarian economy have increased. These factors also show the need to increase the use of domestic energy production, including photovoltaic and flexible gas technologies, Minister of Technology and Industry László Palkovics said at the Tech4Green Digital Power Summit.

He added that there is a need to increase energy efficiency and develop the electricity grid, with energy storage being one of the key issues. It is also necessary to use the innovative technologies available to build a domestic hydrogen ecosystem. 

Palkovics said that energy and climate policy could no longer be treated separately, and that one of Hungary’s key goals was to reduce its emissions to 40 percent by 2030. 

Another goal is to have at least 21 percent of renewable energy in the domestic energy mix by 2030. The targets included having enough solar capacity to generate 6 gigawatts by 2030 and having 12-13 gigawatts by the end of the decade. According to studies, Hungary could build 20-25 gigawatts of photovoltaic capacity without having to use any agricultural land at all. 

The biggest challenges are to ensure that the energy produced can be fed into the grid and that the grid can store energy. Hungary will be implementing projects worth EUR 15.8 billion in the next few years to achieve these goals, Palkovics said.

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