The European Commission will present on Wednesday (10 November) its energy strategy for the coming decade, calling for investment of around €1 trillion to secure the bloc's energy needs in a sustainable way. The new strategy will set out priorities for 2020 in order to deliver on the EU's energy and climate goals. This will require the EU to spend €1 trillion over the next decade on infrastructure, new technologies and electricity storage, according to a draft, seen by EurActiv.
"In the next decade, investment in energy, both to replace existing resources and in order to meet increasing energy requirements, will oblige European economies to arbitrate among energy products which, given the inertia of energy systems, will condition the next 30 years," it says. The draft strategy identifies energy efficiency as its first priority, arguing that it needs to be mainstreamed into all relevant policy areas. The details will be set out in the new energy efficiency plan, which is scheduled to be presented next spring.
The EU has set itself a 20% energy savings objective for 2020, but measuring progress will require the establishment of "a set of fair and measurable objectives," according to the document. The national energy efficiency action plans drawn up by member states will become the annual reporting tool, it explains. Until now, national efficiency plans have failed to exert the same influence as similar plans on renewable energy, mainly because the targets are not legally binding. The Commission seeks to tap into the energy savings potential of Europe's existing building stock. Renovation rate should be accelerated by investment incentives and innovative financial instruments like revolving funds, it argues, promising to address the problem of split incentives between tenants and owners.
Energy savings in transport, a sector that emits a fifth of Europe's greenhouse gas emissions, will be harnessed by introducing energy efficiency standards for all vehicles and a "robust car labelling system," the draft states. The public sector will play a crucial role as energy efficiency criteria should "become conditionality obligations in all spheres, notably for allocating public funds," according to the paper. Industrial companies, on the other hand, should be encouraged to make use of energy audits. A dedicated support mechanism should be created for SMEs, it adds. "Efficiency must become a profitable business in itself, leading to a robust internal market for energy saving techniques and practices and commercial opportunities internationally," the paper says.
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