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01.02.2011 15:43
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The European Commission presented its Communication on the progress of renewable energy in the EU. It shows that the 2020 renewable energy policy goals are likely to be met and exceeded if Member States fully implement their national renewable energy action plans and if financing instruments are improved. It also stresses the need for further cooperation between Member States and a better integration of renewable energy into the single European market. Estimates indicate that such measures could lead to 10 billions Euros savings each year.
Energy Commissioner Günther Oettinger said: "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 from this. "
The EU is committed to reaching the objective of a 20% share of renewable energy by 2020. To achieve these targets, the Commission calls on the Member States to implement the national action plans that Member States have presented in the beginning of 2010. According to these plans, all Member States will meet their national binding targets by 2020. Latest data show however, that in 2010, the indicative targets the Member States set themselves for the electricity and transport sector were missed by most Member States and for the EU overall.
They also need to ensure a doubling annual capital investments in renewable energy from EUR 35bn per year to EUR 70bn.
The Communication shows that, while different financial instruments are used in all Member States to develop renewable energy – grants, loans, feed in tariffs, certificate regimes etc., their management needs to be improved. Investors need greater coherence, clarity and certainty.
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