Europe’s Climate Push Fails to Stem Crisis in Solar Industry

Article content

(Bloomberg) — Europe’s solar industry is facing its deepest crisis in more than a decade as steep competition from China erodes manufacturing in the sector, rendering the continent’s hope of greater energy independence even more wishful.

More solar panels were installed than ever before across the European Union last year in a boon for the bloc’s climate goals. However, that was partially made possible by an influx of Chinese equipment, causing profits for local manufacturers to plunge. Despite insistence to push for more homegrown energy infrastructure, governments have been slow to prop up the ailing industry.