Whilst the energy sector is key to the European economy, it also represents two thirds of the EU’s greenhouse gas emissions. It therefore plays a central role in the implementation of the Paris Agreement.
In order to help the EU achieve its ambitious climate change targets and deliver on its clean energy targets in a cost effective manner, significant investment is needed in the energy sector, especially as European electricity markets are currently undergoing structural challenges to ensure security of supply, due to lack of capacity and funding restraints.
The EU has increased the amount of public funds available for energy efficiency. However, to meet the objectives of the Energy Union and support the transition to a clean energy system, there is a need to further unlock private financing. The European Commission estimates that in order to reach the EU’s 2030 energy and climate targets, about €379 billion of investment will be needed every year between 2020 and 2030, mostly in energy efficiency, renewable energy sources, and infrastructure.
The European Commission’s proposed Multiannual Financial Framework for 2021-2027, would raise funding for climate change efforts to 25 percent of the total budget, from 20 percent over 2014-2020. Industry is pressing for funding for the regions, companies and workers affected. Whilst industry supports a just energy transition, it does not wish to carry the financial burden on its own.
EURACTIV organised this Workshop to discuss:
- How to attract the necessary investment in order to reach more ambitious targets?
- How to make sure that no EU region is left behind in the energy transition?
- How to ensure that financial flows are shifted towards a neutral economy?
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