The European Union (EU) can exceed its 2020 renewable energy target of 20 percent, but only if member states double funding for their renewable energy action plans and ensure strict policy measures are maintained, the European Commission says.
The Commission has found that an increase from €37 billion per year to €70 billion combined with a more cooperative approach between EU member states could usher in a single integrated renewable energy market throughout Europe. By using clean, “home grown” renewable energy that is not imported, the Commission says, it could save the continent €10 billion per year in energy costs.
Energy Commissioner Günther Oettinger said: “We have to invest much more in renewable energy and we need smart, cost-effective financing. If Member States work together and produce renewable energy where it costs less, companies and consumers and the tax payer will benefit from this.”
The EU is proud of its role in leading the world in global renewable energy technology development. The industry employs 1.5 million people and by 2020 could employ a further 3 million, according to the European Commission.
To ensure 2020 targets are met, the EU has imposed a Renewable Energy Directive, which is legally binding, and which replaces the loose framework of energy measures aimed at de-carbonising the energy sector. Contained within the Directive are National Renewable Energy Action Plans (NREAP), which member states were compelled to adopt in December 2010.
Although the EU currently generates over 18 percent of its electricity from renewable energy sources – a figure which looks likely to increase to 37 percent by 2020 – other aspects of the energy sector such as heating, transport and the construction of infrastructure fell short of 2010 expectations overall. The Renewable Energy Directive, the Commission says, will lay out a set of guidelines for EU nations to achieve the 2020 target.
