EU Green Fund Cuts Threaten Renewable Energy Progress
EU leaders are considering reallocating billions in funds from renewable energy to immigration and defense. At a summit in Brussels, President Charles Michel suggested decreasing a €10 billion fund for future energy infrastructure to €1.5 billion. The fund aims to counter the US's large investment in green energy.
Despite support from countries like France, Italy, and Spain, the fund faces resistance from some states looking to minimize EU budget contributions and prioritize issues like illegal immigration and defense spending.
The proposed cut would shift funds originally intended for renewable energy into military investments. As a compromise, more freedom to use EU "cohesion" funds will be offered, potentially allowing for continued investment in renewables.
Diplomats admit the reduced fund will only allow for limited measures and acknowledge the tough budget reality. The cut has sparked concerns over Europe's ability to achieve climate targets. The recent proposal has failed to reach consensus, prompting further discussions.
Portugal's Prime Minister António Costa and Bulgaria's Nikolay Denkov opposed the cuts, suggesting alternative solutions. Thomas Pellerin-Carlin from the Institute for Climate Economics highlighted the potential adverse impact on the clean tech industry.
The European Parliament is also opposing the cut, arguing it threatens Europe's future prosperity and is counter to previous demands for increased funding for STEP. MEPs urge EU leaders to maintain their commitment to investing in strategic technologies, warning of the consequences if Europe falls behind in industry and innovation.
Warnings have also been issued that insufficient EU investment in green technology could prevent Europe from achieving its net-zero goals by 2050.
The proposed cut would shift funds originally intended for renewable energy into military investments. As a compromise, more freedom to use EU "cohesion" funds will be offered, potentially allowing for continued investment in renewables.
Diplomats admit the reduced fund will only allow for limited measures and acknowledge the tough budget reality. The cut has sparked concerns over Europe's ability to achieve climate targets. The recent proposal has failed to reach consensus, prompting further discussions.
Portugal's Prime Minister António Costa and Bulgaria's Nikolay Denkov opposed the cuts, suggesting alternative solutions. Thomas Pellerin-Carlin from the Institute for Climate Economics highlighted the potential adverse impact on the clean tech industry.
The European Parliament is also opposing the cut, arguing it threatens Europe's future prosperity and is counter to previous demands for increased funding for STEP. MEPs urge EU leaders to maintain their commitment to investing in strategic technologies, warning of the consequences if Europe falls behind in industry and innovation.
Warnings have also been issued that insufficient EU investment in green technology could prevent Europe from achieving its net-zero goals by 2050.
