A few days ago, the European Commission announced the detailed rules of the 'REPowerEU' energy plan. The plan was first put forward on March 8th, aiming at promoting energy conservation and consumption reduction in EU countries and diversifying energy supply. Ursula von der Leyen, President of the European Commission, said that the European Union will spend 300 billion euros, which is also called the 'turbo engine' of the EU's energy transformation.

In this regard, Li Yingting, a researcher at the Bank of China Research Institute, believes that the 'REPowerEU' energy plan will help stimulate the potential economic growth momentum in Europe and promote China-EU energy cooperation.

Clean energy is the core industry in Europe, and its development is expected to stimulate economic recovery. As early as the end of the 20th century, Europe began to vigorously develop renewable energy, and maintained a global leading position in clean energy use and technology research and development for a long time. With the promotion of 'REPowerEU' energy plan, the EU will further increase its investment in wind power, photovoltaic and other fields, and significantly enhance the importance of clean energy industry in the EU economy. This means that the development of clean energy is expected to release the potential of economic growth and accelerate the economic recovery of the EU by promoting employment, reducing costs and increasing productivity.

In addition, the rising prices of crude oil, natural gas and other traditional energy sources have reduced the relative prices of clean energy, creating favorable conditions for expanding the application scope and scenarios of clean energy. In the long run, the development of clean energy can increase the substitutability of traditional energy and stabilize the global energy price.

Li Yingting believes that China and the EU share the same goal in the energy field, complement each other's technologies, and have broad prospects for cooperation. Green economic transformation is an important direction for China to achieve sustainable development, and it is also the starting point for European economic recovery. At present, China and the EU already have a strong foundation for cooperation in the fields of climate and energy, and have signed a number of agreements, plans and joint statements to continuously deepen political, economic, technological and scientific cooperation in the field of energy. Compared with traditional energy sources, there are still technical difficulties in the acquisition, storage and transportation of new energy sources. China and the EU should strengthen scientific research cooperation in cutting-edge technologies such as energy storage, heat pump and carbon capture to jointly promote the innovation and development of green economy.

At the same time, European enterprises are also interested in China's new energy industry. On May 18th, at the European Hydrogen Energy Conference 2022 held in Madrid, Spain, Jose Antonio bolk, technical director of France's Dehinib Energy Company, said that China has many enterprises in the industrial chain of hydrogen production, hydrogen storage, hydrogen transportation and hydrogenation, and Dehinib keeps close relationship with many electrolytic cell manufacturers from China.

Angel rodriguez, head of renewable energy department of Spanish Elek Group, also said that they have a lot of cooperation with Chinese enterprises in photovoltaic business. 'In terms of photovoltaic panels, almost all major factories and suppliers are from China'.

According to Chinese customs data, in the first quarter of this year, the total export volume of PV modules made in China reached 37.2GW, up by 112% year-on-year. Among them, Europe has become the largest export market for Chinese components. In the first quarter, China imported 16.7GW of components, compared with 6.8GW in the same period last year, with a year-on-year increase of 145%.

Now, the 'RePowerEU' plan has landed, and China's PV product exports are expected to reproduce explosive growth. Recently, Contemporary Amperex Technology Co., Limited, the leading lithium battery company in China, was awarded the world's first European Economic Commission R100.03 power battery system certificate by the German Ministry of Communications. In 2021, China exported 310,000 new energy vehicles, of which Europe and South Asia were the main incremental markets. Electric vehicles manufactured in China account for nearly 15% of all electric vehicles registered in Europe in 2021, the share of which is second only to Germany. From 2019 to 2021, the market share of pure electric vehicles made in China in Europe has soared from a paltry 0.5% to 14.7%.