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EC calls on members to double renewnables investment

EUROPE: The European Commission has called for EU member states to double their annual capital investments in renewable energy from €35 billion to €70 billion to ensure the 2020 targets are met.

EC wants private companies to help double renewables investment
EC wants private companies to help double renewables investment

The Commission suggested in its communication on the progress of renewable energy in the EU that the increased investment should mainly come from the private sector.

Outlining this course of action, it said: "This could big energy companies investing in wind or solar farms or households investing in... renewables."

The Commission denied it was proposing a harmonisation of EU renewables financing, but insisted that the coordination of renewable energy support schemes was a positive step.

It said: "For example, if a big wind park produces in one country, another member state can agree to finance the park and count some of the energy towards its own [2020] target."

Moreover, the Commission said that in the medium- to long-term, "a convergence of financing, such as feed in tariffs", will be necessary to create a truly European electricity market.

In 2007-2009, only around €9.8 billion of EU funds – mostly in the form of loans from the European Investment Bank - were spent on renewables.

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