Eight European Companies Call for 2030 Binding Renewable Energy Target

On November 13, eight European companies (Gamesa, Acciona Energía, Alstom, Dong Energy, EnBW, ERG, Res and Vestas) called for a strong 2030 EU climate and energy framework based on mutually reinforcing tools and targets, including an ambitious and legally binding target for the share of renewable energy in the energy mix of more than 30%. 

“A stand-alone, stable and predictable 2030 framework with an ambitious binding renewables target alongside an ambitious binding greenhouse gas reduction target and a robust CO2 price is key to minimising costs,” the group of companies stated.

They explained: “Mutually reinforcing and coordinated targets will significantly minimise uncertainty, lower investment risk, reduce the costs of capital and hence the level of additional financial support needed. This framework will help Europe’s competitiveness by driving innovation and technological leadership, and job creation. It will bring down our energy and electricity bills, and help remove the need for renewable energy support in future. It will help ensure a reliable, low-cost supply of clean energy for Europe’s citizens and industry.”

The companies have warned that Europe is on its way to reach an 80% dependence on fossil fuels by 2035, and a 2030 legally binding renewable energy target will minimize the exposure to volatile fossil fuel prices. Also, it will help to reduce costs of renewable energy technologies by enabling industrialization and economies of scale.

Press release, December 2, 2013; Image: Gamesa