Renewables, the turning point of European companies after the gas shock

In 2022, the year in which the gas crisis caused bills to skyrocket, 37% of European companies used energy from renewable sources. Four years later the share rose to 53%, more than double that found in the United States, equal to 24%. The price shock following the Russian invasion of Ukraine also gave a boost to interventions to reduce consumption. The share of companies in the Union that declare they have invested in energy efficiency has gone from 57% to 67%.

This is the picture that emerges from the 2026 Investment Survey of the European Investment Bank (EIB) group, conducted between April and July on over 12 thousand EU companies. The study shows that the investments launched in response to the high energy costs of 2022 are becoming a structural choice. Consuming less and diversifying supply sources reduces exposure to new price increases.

92% of European companies declare that they have adopted at least one measure to reduce greenhouse gas emissions. In Italy the share stops at 81%. The indicator also includes interventions on waste, recycling and transport.

Efficiency, the gap between large companies and SMEs

In the last financial year, 51% of European companies allocated at least part of their investments to energy efficiency. The share rises to 59% in manufacturing and drops to 41% in construction. The gap is even wider by company size. 61% of large companies invested, compared to 40% of SMEs. In Italy 41% of companies moved, while in Belgium and the Netherlands around three out of four did so.

The distance from the European average is reduced when we look at the weight of efficiency in balance sheets. Among the companies that made investments in the last financial year, 11% of total spending in Italy went to these interventions, compared to 12% in the EU. The European share remained at the levels reached after the gas crisis, while in the United States it rose from 6% in 2022 to 11% in the latest survey.

Italy leads in climate adaptation

Around six out of ten Italian companies report consequences on their business due to extreme events or changes in weather conditions. 16% judge the impact to be significant, compared to 18% in the Union. Italy is the country where the companies' response is most widespread. 81% have adopted at least one measure to protect themselves from climate risks, compared to 57% in the EU. They range from adaptation strategies to investments to reduce exposure to droughts, floods and other extreme events, to policies to cover losses.

On the emissions front, 36% of Italian companies set and monitor their own objectives, compared to 51% in the Union. At a European level, the share reaches 69% among large companies and stops at 32% among SMEs.

Climate regulations, caution is growing

The wider use of renewables and efficiency coexists with greater caution on climate rules. 36% of European companies believe that stricter standards represent a risk for their business in the next five years, compared to 30% in 2021. In the same period, the share of those who see an opportunity has fallen from 28% to 24%. In Italy, 67% of companies expect a neutral impact, compared to 40% in the EU. 20% see a risk and 13% an opportunity.