Energy Commissioner calls for €70 billion investment in renewables

Energy Commissioner calls for €70 billion investment in renewables

EU member states should double their investment in renewable energy to €70 billion a year, says Energy Commissioner Günther Oettinger. According to a progress report published by the European Commission, while EU27 is on target to meet the 2020 renewables goal of 20%, most member states have failed to reach interim 2010 targets for transport and electricity. Only

EU member states should double their investment in renewable energy to €70 billion a year, says Energy Commissioner Günther Oettinger.

According to a
progress report published by the European Commission, while EU27 is on
target to meet the 2020 renewables goal of 20%, most member states have failed
to reach interim 2010 targets for transport and electricity. Only Germany,
Hungary and Sweden met their 2010 targets for electricity and transport.

Commissioner Oettinger
is warning of a ‘funding gap’, which the EC expects to be plugged by the
private sector. But governments will have to adopt a very proactive approach to
support the renewable energy sector.


Collaboration between
member states and the convergence of support mechanisms across the region could
save €10 billion a year, suggests Oettinger.

Member states could
cooperate by transferring surplus renewable energy from where it costs less to
where resources are more expensive, joining forces on financing renewable
energy projects or sharing support schemes.

“We have to invest
much more in renewable energy and we need smart, cost-effective financing. If
member states work together and produce renewable energy where it costs less,
companies and consumers and the tax payer will benefit,” he said in a
statement.

The sentiments were
echoed by United Nations Secretary-General Ban Ki-moon in his closing comments
at the World Economic Forum summit in Davos.

Ban Ki-moon called on
Europe and the US to lead efforts on climate change and bring about a
‘revolution’ in thinking and policy that enabling sustainable economic growth
that both protects the environment and raises living standards.

Renewable Energy Projects in Bosnia and Herzegovina

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