With the recently invasion of Ukraine, the need for a rapid transition to clean energy is more pressing and evident than ever. The EU imports 90% of the gas it consumes, with Russia providing more than 45% of these imports, to varying degrees depending on the Member States. Twenty-five percent of oil imports and 45 percent of coal imports also come from Russia.
All this puts us in a situation of vulnerability and has a direct impact on consumers, who are forced to pay high costs for products that are essential for daily life, not only for energy or fuels, but also for other consumer products.
Let us focus on the planet and the risk situation in which it finds itself. The Intergovernmental Panel on Climate Change (IPCC) has calculated that the global average temperature could rise by up to 2°C by the end of the century. This increase would have a devastating impact on our planet, leading to more extreme weather events, rising sea levels and massive displacement of people. To avoid this significant temperature increase, the IPCC has recommended that we take action to reduce greenhouse gas emissions.
Among the most important solutions is the global adoption of renewable energy. Energy efficiency and hydrogen will be the allied alternatives to achieve a more sustainable planet. Solar, wind and hydropower produce no emissions and are a sustainable source of energy that can help meet our growing demand. In addition, investment in renewable energy can create jobs and stimulate economic growth.
But green hydrogen has undoubtedly become one of the most promising renewable energy sources in recent years. It is a versatile fuel that can be used for a variety of applications, from vehicle propulsion to electricity generation. The main advantage of green hydrogen is that it produces zero emissions when burned. This makes it an attractive option for businesses and households looking to reduce their carbon footprint. Green hydrogen is produced by a process known as electrolysis, which uses renewable energy sources such as wind or solar power to split water molecules into hydrogen and oxygen. The hydrogen can be stored and used when needed. Although green hydrogen is still in its early stages of development, it has the potential to play an important role in the transition to a low-carbon economy.
This process of decarbonizing the planet poses a transition from a global economy powered by fossil fuels to one powered by renewable energy. It is a necessary process if we are to avoid the worst effects of climate change, and will require massive investment in renewable energy infrastructure. Solar, wind and geothermal energy are our best allies in this effort, as they are carbon-neutral energy sources. In addition, renewables are becoming increasingly cost-effective as technology improves and more countries commit to the transition. The cost of installed capacity for solar PV has fallen by 85% since 2010, and the cost of onshore wind has fallen by 50%.
At TCI GECOMP we are committed to sustainable development and the use of renewable energy and clean technologies. We believe that these are the foundations of a new, more sustainable and equitable civilization. We strive to advance this new civilization, and we are making progress. Our mission and vision around innovative renewable energy projects leads us to continue to invest in research and development in this area.
We are also working to raise awareness of the importance of sustainable development and the need for a shift to renewable energy through our participation in major global events. We believe this is essential for the future of our planet, and we are dedicated to making it happen. With your support, we know we can make a difference.