The Investment Plan for Europe and the Energy Union are making change real, just one year after their launch, the European Commission said in a press release. With key projects in energy infrastructure (particularly interconnections), renewable energy and energy efficiency, the financial cornerstone of the Investment Plan - the European Fund for Strategic Investments (EFSI) - has allocated 29% of financing approved by the European Investment Bank (EIB) to the energy sector.
From renovating buildings to make them energy efficient in France, to a new onshore wind farm in Sweden, 11 Member States have received support for sustainable, low-carbon projects which are in line with the EU's energy and climate goals. An additional EUR 16.9 billion in investment is expected in sustainable and low-carbon energy projects over the coming years, the statement said.
EC Vice-President Jyrki Katainen stressed that the ambition to create an Energy Union was a priority for the Juncker Commission. “The money we save on oil and gas imports and at the pump creates room for manoeuvre for intelligent, forward-looking investments in energy efficiency, renewables, innovation and modern energy infrastructure, all key objectives of the Energy Union. It also provides a window of opportunity to reduce and phase out fossil fuel subsidies,” he said.
Climate Action and Energy Commissioner Miguel Arias Cañete added that the Paris Climate Agreement had sent a clear message: the transition into a low-carbon and climate-resilient economy is now irreversible. “European industry is at the forefront, but when the market alone does not deliver the investments we need, then public money can be used wisely. We need to leverage private investments through public support, in particular when it comes to building interconnections and infrastructure, energy efficiency and renewable energy,” he said.
The 24 projects already funded are helping to achieve a carbon-free electricity sector. By 2030 half of all Europe's electricity will be powered by renewables and it will be carbon-free in about 35 years. A smart meters project in the UK, the construction of affordable energy efficiency housing units in France and the creation of an infrastructure investment fund to support financing for larger renewable energy projects, in wind, biomass and the transmission of electricity generated offshore in Denmark are all expected to contribute to reaching the 2030 energy and climate goals, in line with the Paris Agreement.