The Business Booster (TBB) 2024, a two-day networking event organized by EIT InnoEnergy, made a powerful return to Barcelona, bringing together over 1,700 participants from across the global energy sector. This year’s focus zeroed in on balancing economic growth with geopolitical resilience and the clean energy transition. Core conversations centered around fostering collaborative efforts, seizing the opportunities presented by advanced technologies, and embracing the role of the broader ecosystem in these changes.
Europe still in the lead?
Elena Bou, InnoEnergy’s Innovation Director, highlighted Europe’s leading role in clean technology, pointing out that 40% of emerging clean technologies worldwide originate here. With Europe commanding 43% of global climate tech investment, she emphasized the need to keep this momentum strong. “We’re on the right path, but globally, there’s still much to do,” Bou noted, urging Europe to stay competitive while promoting fair competition.
Kerstin Jorna, from the European Commission, explained the reasoning behind Europe’s green industrial policies. “For years, we focused on regulations and grants. Now, we understand the business case. Cleantech has waited too long, which is why we launched NZIA [Net Zero Industry Act,” she said.
One of the major growth drivers identified was AI’s role in the energy sector. “Efficiency alone isn’t enough to support data center growth,” said Herve Hellez from Schneider Electric, calling for modernization and grid optimization. Jef Caers, a Stanford professor, stressed that AI must not only predict but guide real-world actions toward sustainability.
The hydrogen sector also emerged as a major opportunity, with long-term financing tied to off-takers being essential to making projects bankable. Carina Krastel, Managing Director at the European Green Hydrogen Acceleration Center, explained, “Projects like H2 Green Steel in Sweden and NEOM in Saudi Arabia achieved investment success by aligning risk and return across diverse partners.”
Batteries, Photovoltaics, and Industrial Growth
Despite slower growth in European-made EV demand, Europe’s battery sector remains crucial, particularly as stationary energy storage systems (ESS) gain traction. “With sustainable product design and public-private alignment, Europe’s battery industry could lead the way in both clean energy and economic strength,” said Thore Sekkenes, EBA Programme Director at EIT InnoEnergy.
Europe is also working to re-establish its photovoltaic (PV) manufacturing, with plans to build up to 30 GW of capacity. Though challenging given China’s dominance, Penelope Nabet from EIT InnoEnergy highlighted Europe’s aligned ambitions, financing, and readiness to act. Spain’s Miguel Rodrigo Gonzalo echoed this, emphasizing how national efforts are building a strong foundation for energy transition.
Geopolitical Resilience: The Strategic Shift
Energy independence was a priority, with Maroš Šefčovič of the European Commission noting Europe’s reduction of Russian gas reliance from 45% to 15%. This shift underscores Europe’s commitment to sustainable energy independence, blending competitiveness with decarbonization. He added, “Private capital must support this effort to keep us at the forefront of the clean energy shift.”
Europe’s financial institutions increasingly prioritize innovations that build long-term energy security. Alessandro Izzo from the EIB explained, “Cleantech innovation has become a central focus for us.” Benoit Lemaignan of Verkor urged a move from opportunism to strategy, focusing on Europe’s capability to nurture sustainable industry champions.
Leading Change in Clean Energy
In an inspiring keynote, Lewis Pugh, UN Environment Programme Patron of the Oceans, called for urgency. “It’s easier to follow, but now is the time to lead this transition. The world is changing, and action is essential,” he said, adding his commitment to support at every step.
Conversations emphasized Europe’s need to keep pace in reskilling, digitalization, and R&D investment. “While Europe excels in tech development, investing more in research is essential to protect its position,” said Gwenaelle Avice Huet from Schneider Electric.
The start-ups and scale-ups attending TBB showcased Europe’s potential to scale technologies that meet decarbonization goals, underscoring the critical role of collaboration.
Welectric’s take
TBB 2024 was an excellent showcase of ideas and projects with the potential to propel Europe to the forefront of technology across various sectors, particularly energy. However, despite the positive atmosphere of this event—very well organized and with a strong spirit of collaboration—there’s a lingering sense that much work remains, especially in revitalizing the Old Continent’s industry. After many decades of largely benefiting from the offshoring of industry to other parts of the world—not to mention the reliance on cheap energy from countries that have proven antagonistic toward Europe—it won’t be an easy or quick process.
Europe and its innovation players must navigate a complex landscape, often with an overly cautious perspective on financing and many regulatory differences, bureaucratic hurdles, and energy price disparities from country to country, even within the European Union.
And yet, Europe truly has no alternative. Either it fully commits to the energy transition, investing in its resilience and geopolitical independence, or it will be limited and dependent on the countries leading this global shift in digitalization and electrification. InnoEnergy made it clear at TBB that this transition is an opportunity for Europe to assume leadership in sustainable prosperity and energy independence. But time is ticking, and it’s difficult to know if we’re still on track.
All the photos in this feature are © EIT InnoEnergy. On the main photo, Diego Pavia, CEO of InnoEnergy.
