Delivering the energy transition for jobs, growth and investment in Europe

Delivering the energy transition for jobs, growth and investment in Europe

Last 7th of November the European Parliament organised in Brussels along the European Commission the High-level conference on clean energy financing: delivering the energy transition for jobs, growth and investment, where the necessity and proposals to carry out the energetic transition and the subsequent necessary inversion in clean energy as a key factor to achieve the targets of the Paris Agreement and promote the growth and creation of new jobs in the Member States where addressed.

This appointment was attended by high representatives from the European institutions, global leaders and investors from the energetic sector, as the European Parliament President, Antonio Tajani, The European Commissioner for Climate Action and Energy, Miguel Arias Cañete or Jerry Brown, Governor of California among others, each providing their individual and shared visions of the subject.

All the rapporteurs and especially Jerry Brown, pointed out the need of immediate and daily action to fulfil the long term goals. It will be of great help to leave aside the politicisation and prioritise the listening to experts who sometimes are being relegated to a lower priority.

As panelists explained, the energetic transition will set the difference in economic competitiveness as it capable of accelerating in a considerable way the economic recovery. This is why maintaining the European leadership in the fight against climate change is vital. We only can achieve this boosting the public and private investment.

Commissioner Arias Cañete stressed that “currently, in EU electricity coming from renewable energies is 30% and this will increase up to the 50% by 2030. Globally the increase in the capacity of generating renewable energy sources in 2015 (53.6%) was for the first time higher than the increase in traditional sources including coal, gas, oil and nuclear. Also, this year the investment in clean energy beat the record with more than 300 billons invested”.

 

It was also highlighted the need to foster investment in this type of clean energies and generate the capacity of cities of invest in Smart Grids, buildings and industry. Currently, through the ESIF, 210 billion Euros are being invested in improving public and residential buildings between 2014 and 2020.

The Commission Vice-President for Jobs, Growth, Investment and Competitiveness, Jyrki Katainen, explained that actually the investment in efficient energy projects represents 21% of the total of those said Funds, and going a step forward the spoke about the European Structural and Investment Funds 2.0 (ESIF) and established that at least a 40% of the projects in infrastructure and innovation will have to contribute to the 21COP objectives.

Structural reforms are needed. We have to create a friendly environment for long term investor, especially in the field of energy where an intensive capital investment is required. For example, in the cities Smart Finance for Smart Buildings Initiative will allow to use public funds easily, absorbing part of the risks from small scale projects and removing the obstacles to access funding” pointed the vice-president out.

Source: Nobel Grid

Date: November 2017

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