Ambitious energy targets needed to unlock private investment - Main contents

Today, the European Energy Ministers will meet in Malta to discuss the ‘Clean Energy package’. Member of the European Parliament Gerben-Jan Gerbrandy (ALDE/D66) encourages Member States to look at the energy transition with more ambition and engage with the private sector to unlock private investment for its funding.

Gerbrandy: “Member States have received the EU binding targets with little enthusiasm, but they shoot themselves in the foot by taking every ambition out of the Commission’s proposal. To unlock private investment, we need ambitious, binding legislation and investment certainty, expressed in a long term vision.”

Taking the lead

The Commission’s proposal will have to prepare the EU to lead the energy transition and comply with the 2015 Paris Climate Agreement. Today’s informal meeting is the perfect opportunity to take a first step into that direction.

Gerbrandy: “If we slow down the energy transition, we will fail to limit global warming to well below 2°C, but we will also miss out on the socio-economic and environmental benefits the targets bring along. The billions that countries like China, India, Saudi Arabia and Qatar are currently investing in renewable energy shows they are eager to take the lead on this topic. If we do not manage to create an attractive investment climate, others will."

Engage with the private sector

The financial sector, in particular banks and pension funds, are very much aware of the major benefits in both environmental and socio-economic terms.

Gerbrandy: “A growing renewable energy market and dropping renewable energy prices create an attractive investment climate for businesses. Moreover, investments in energy efficiency and renewable energy would create the jobs Member States are looking for. As a result, the sector is eager to invest in financing energy renovation of buildings."