EIB called on to accelerate the energy transition
Published by Bella Weetch,
Editorial Assistant
Energy Global,
EU27 Heads of State and Government recently met in Brussels, Belgium, to discuss the recent spike in energy prices. While endorsing the European Commission’s ‘toolbox’ for member states to tackle the crisis, European leaders also invited the European Investment Bank (EIB) to speed up investment in the energy transition. The European Council concluded that the EIB should investigate the opportunities to further support the energy transition, to reduce the risk of future price crises.
The Council conclusions follow a joint letter, from European energy-intensive industries to leaders, calling for policy measures to support industry access to renewable energy. Eight energy-intensive industrial associations, representing the paper, aluminium and chemical sectors, among others, joined together with SolarPower Europe and WindEurope to highlight the urgent need for policymakers to support the transition to cost-effective, reliable, renewable energy.
Walburga Hemetsberger, Chief Executive Officer of SolarPower Europe, said: “Last week, in their ‘toolbox’, the European Commission underscored renewable power purchase agreements (PPAs) as a key tool to protect businesses from the sort of energy price hikes that we are experiencing now. It makes sense that EIB now looks at how to speed up investments in renewables through financial instruments that support the uptake of corporate renewable energy PPAs. With these latest Council conclusions, we look forward to EIB support on increasing the adoption of corporate renewables sourcing by a wider range of actors, including SMEs. Today, solar is already insulating millions of Europeans from price shocks, but we must accelerate.”
Hemetsberger added: “Energy intensive industries are calling for EU leaders to adopt policy measures that will ensure industry access to affordable renewable energy. The current high energy costs endanger post-pandemic European industrial recovery, and threaten market capacity to invest in further industrial transformation. As the cheapest and most versatile energy source, we must accelerate solar to meet industrial needs.”
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Autumn 2021 issue
The Autumn issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including MISTRAS Group, Fugro, X1 Wind, Sulzer, and more.
Read the article online at: https://www.energyglobal.com/special-reports/26102021/eib-called-on-to-accelerate-the-energy-transition/
You might also like
GHS and BWSC sign collaborative agreement on green hydrogen projects
Green Hydrogen Systems A/S and BWSC have reached an agreement on strategic collaboration to expand their current collaboration on advancing green hydrogen projects.