Written by Gregor Erbach,
Leading figures from politics, finance and business get together in the European Parliament hemicycle on Tuesday 7 November to discuss the financing of clean energy in Europe. The programme focuses on shifting to clean and efficient energy at local level, cross-border electricity interconnections and investment in renewable energies. Massive public and private investment in clean energy will enable Europe to meet its ambitious climate targets while boosting growth and the creation of jobs.
The EU is in the process of defining the regulatory framework to achieve its climate and energy targets for 2030 and beyond, and make its contribution to international climate action under the Paris Agreement on climate change. According to the European Commission, the transition to clean energy in the EU will require €177 billion in additional investment per year from 2021 onwards. EU funding plays an important role – 20% of the EU budget is dedicated to climate action and clean energy. However, the largest part of the investment will come from the private sector. EU legislation aims to create the right conditions to encourage such massive investments, including well-designed markets for carbon and energy, a stable regulatory framework, and measures to support innovation and reduce risk for investors.
Speakers at the event include the President of the European Parliament, Antonio Tajani, the Governor of California, Jerry Brown, three members and a vice-president of the European Commission, nine MEPs (committee chairs and rapporteurs), ministers and state secretaries, mayors, and high-level executives of energy companies and financial institutions.
With the right finance for clean energy, Europe can achieve its climate targets, deliver growth and employment and lead the global transition towards a low-carbon economy, an issue that is at the core of the COP 23 climate change conference which started this week in Bonn, Germany.
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