The European Union's goal—to ensure that by 2030, renewable energy sources account for 45% of the total—is ambitious. It means creating new technologies and infrastructure, as well as making political decisions relatively quickly. Documents adopted at the European level—the European Green Deal, the Fit for 55 package, and even the taxonomy, or classification of which private investments are considered green—have all stimulated the transition to renewable energy sources, but at the same time, this is also a sign of an economic bubble, which is being further affected by the geopolitical tectonic shift in energy resources in the context of the war provoked by Russia. Both the public money of European Union member states, used through the European Union's Recovery and Resilience Facility, the RePowerEU package, and the Connecting Europe Facility, and “green” private money and other means, are creating immense pressure for a potentially overly rapid scramble to profit at the expense of renewable energy. The volume of available money is large, but where does it end up? In Latvia's case, foreign investors talk about electricity exports and want to build wind farms inland and in the Baltic Sea, promising our country an “economic breakthrough” if we fully utilise (or, more precisely, allow them to utilise) our “green oil”. Is it really that simple?
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