The European Union is hiking its solar power targets due to geopolitical dangers and larger factories are needed to reduce its dependence on Asian imports, industry experts told Reuters Events. Europe needs much larger solar factories to compete with Asian imports and financing costs are key. The European Union’s pledge to ramp up solar installations to help wean itself off Russian gas has increased the pressure on member states to expand manufacturing capacity. The EU had already raised its renewable energy target to 40% of generation by 2030 and a lack of investment in European solar manufacturing has made it hugely dependent on Chinese and Asian imports. Source: reutersevents.com

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