European companies increase renewable energy use following gas price shock

European companies increased their use of renewable energy to 53% as of 2026, a rise from 37% in 2022. The European Investment Bank (Bei) reported these changes in its Investment Survey 2026, which surveyed over 12,000 companies across the European Union.

The surge in renewable energy adoption followed a crisis in gas prices triggered by the Russian invasion of Ukraine. Businesses are shifting toward these sources and investing in energy efficiency to reduce their exposure to price fluctuations.

Currently, 67% of European companies report investing in energy efficiency, up from 57% during the initial shock. While large companies lead the transition, a gap exists for small and medium enterprises (Pmi). In the European Union, 61% of large companies invested in energy efficiency in the last fiscal year, while only 40% of small and medium enterprises did the same.

In Italy, 41% of companies made such investments, a lower rate than in Belgium and the Netherlands, where nearly three out of four companies participated. Italian businesses are also taking active steps to adapt to climate change. About 81% of Italian companies have adopted measures to protect against risks like droughts and floods, higher than the 57% average across the European Union. Despite these actions, some businesses express caution regarding stricter climate regulations.

About 36% of European companies view more stringent standards as a risk to their operations over the next five years.