By 2030, Austria aims to generate by 100% of the country's electricity from renewable energy sources, with one million roofs to produce solar electricity, all built in Austria, with 260 million EUR investment to be covered in the next two years.
As part of the Austrian Recovery & Resilience Plan 2020-2026, Pillar 1 on sustainable construction, a policy concerns transformation towards climate neutrality of the economy. A budget of 100 million is allocated to this policy. The key measure of this policy to achieve climate neutrality is the Renewables Expansion Act, which aims to increase electricity production from renewables by 27 terawatt hours (TWh) by 2030.
The additional capacities are to be composed as follows:
- 11 TWh of photovoltaics,
- 10 TWh of wind,
- 5 TWh of hydropower
- 1 TWh of biomass.
The EAG act will set framework conditions: special market premiums and investment grants supporting clean technologies.
A total of one billion euros will be invested annually in the expansion of renewables by 2030, via market premiums and investment grants. Around EUR 500 million will be invested in Green Hydrogen and for industries willing to become CO2 neutral (such as steel production).