The European Commission has presented first initiatives to boost investment in homegrown clean energy solutions, increase resilience and reduce energy prices in Europe.
To make the most of Europe’s own energy sources, a step change in its energy system and infrastructure is needed, says the EU executive.
“The situation in Iran reminds us of a simple truth”, said EC executive vice-president Teresa Ribera: “Homegrown clean energy is the only lasting solution for EU to break the cycle of fossil-fuel dependency and price volatility. Today we adopt a package to progress in our endeavour and backs citizens to get lower energy bills. We want to ensure the right investing conditions to channel private capital into our clean, affordable and homegrown energy systems. And today’s move is an additional step forward.”
The Commission’s Clean Energy Investment Strategy is aimed at helping to bridge the gap between the private capital currently available and the investments needed. It will help de-risk projects and mobilise private finance for grids, innovative clean energy technologies and energy efficiency. The Commission says it will deliver this strategy in close partnership with the European Investment Bank Group which intends to deliver more than €75 billion of financing over the next 3 years in support of the objectives of clean energy transition. In particular, the EIB Group will make a commitment with an indicative amount of up to €500 million to the Strategic Infrastructure Investment Fund. This will provide anchor capital to invest in specific energy infrastructure projects, providing a financial boost to the objectives of the European Grids Package.
Cheaper energy is seen as key to support the EU’s industry and competitiveness. With the Citizens Energy Package, the Commission proposes actions to reduce energy bills, empower citizens to produce and share their own clean energy and fight against energy poverty. Consumers can benefit from faster supplier switching, lower taxes and levies on their electricity bills, and more transparent information on energy bills and contracts, says the Commission.
Homegrown, clean energy technologies are key to ensuring reliable and affordable energy, says the Commission. The Strategy for Small Modular Reactors (SMRs) proposes actions that enable EU Member States pursuing this technology to deploy the first operational SMRs in the early 2030s. The Strategy will support industry in accelerating their development and deployment, particularly through the work of the European Industrial Alliance on SMRs. The Commission says it will consider an additional €200 million InvestEU top-up from the Innovation Fund until 2028 to support the deployment of initial commercial units of innovative nuclear technologies through de-risking guarantees.
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