European financing for the Energy Union
To reach the European Union's 2030 climate and energy targets, about EUR 379 billion investments are needed each year over the 2020-2030 period. Therefore, work on investments needs to be intensified, using all available instruments in a coherent way.
EU Cohesion Policy has a key role in the realisation of the Energy Union — in Europe's regions and cities — by providing about EUR 69 billion over 2014-2020 for investments related to all five dimensions of the Energy Union, This includes some EUR 29 billion for energy efficiency, renewables, co-generation, smart energy infrastructure and low-carbon research and innovation. It also supports its aims by ensuring key enabling conditions, such as capacity building, technical assistance and territorial cooperation.
The European Fund for Strategic Investments (EFSI) continues to play a crucial role in this by helping to unlock private financing. Until now, more than 20% of investment supported by the European Fund for Strategic Investments was related to the energy field. While extending the Fund, the Commission proposed that at least 40% of projects in the Fund's infrastructure and innovation window should contribute to climate, energy and environment action in line with the objectives of the Paris Agreement. Blending of the European Fund for Strategic Investments with other European Union funds and funding instruments will further increase the opportunity for deploying funds to higher-risk investments in the future.
2017 is the year of the implementation and particular attention will be paid to implementing the Smart Finance for Smart Buildings initiative, in cooperation with the European Investment Bank (EIB) and Member States. One element therein is the development of flexible financing platforms to accelerate buildings renovation. It is equally important to address obstacles that slow down renovation.
This session will provide an overview of the New specific initiatives for Clean Energy along with different financing and implementation examples and opportunities.
The session is moderated by Tudor Constantinescu, Principal Adviser to the Director General for Energy.