Thursday, September 19, 2013

Corporates demand EU 2030 green energy target

Companies and trade organisations say longer-term goal would drive investment and growth
Over 60 leading European companies and trade bodies are calling on the EU to set a legally binding 2030 target for renewable energy.
Alstom, DONG Energy, 3M, Vestas, and SSE are among the signatories of a letter sent to European Parliament President Martin Schulz, EU Energy Ministers and the EU Energy and Climate Commissioners demanding the goal be set as part of a "strong and ambitious regulatory framework for the years to come".They say the current goal of sourcing 20 per cent of the EU's energy from renewable sources by 2030 has spurred investment and that this momentum will be lost without a longer term target in line with the long investment cycles in the energy sector.
The UK has argued against the idea, saying an overall goal of halving emissions by 2030 would instead allow countries to meet their climate commitments using the methods they saw fit.
However, the letter says setting a green energy goal would "reduce the current costs of uncertainty, mobilise the needed funding, help to protect the environment, decrease the costs of decarbonisation, facilitate the creation of new jobs and enhance the EU's technology leadership".
Dr Nina Skorupska, chief executive of the Renewable Energy Association (REA), added that adopting a similar framework to 2020 would benefit the UK industry.
"Government has learned a lot from working within this 20-20-20 framework, and it makes sense to go for a similar framework for 2030, including a binding renewables target," she said in a statement.
"This will enable government to build on those lessons, reassure investors, scale up the industry, boost our energy security, reduce our emissions and grow our budding green economy."