MEPs back 35% renewable energy target

The target was addressed in the vote on the recast of the Renewable Energy Directive (RED). MEPs also voted for measures to encourage investment and reduce the cost of renewables.

Rémi Gruet, CEO of global network of ocean energy professionals Ocean Energy Europe, said: “Member States must now agree to this target and provide long term visibility for renewables, a booming sector which created hundreds of thousands of jobs in the last 10 years.”

Commercial opportunities

He stressed that ocean energy is ready to be commercialised over the next decade, but to secure private finance investors need a “clear political signal from Europe.”

“The Parliament provides just this, with a 35% target for renewables, a financial instrument to reduce the cost of capital, and a ban on retroactive changes,” he added.

Mr Gruet said that while Europe is the global leader in ocean energy technology & project development, a 35% renewable energy target is the minimum required for the continent to maintain global leadership.

Use advantage

Europe should take advantage of its leading position to create a new European industry, with a significant home market and global export opportunities, he said.

The Renewable Energy Directive (RED) establishes an overall policy for the production and promotion of energy from renewable sources in the EU. It is currently being revised to take into account the period from 2020-2030.

In December 2017, the European Council current agreement included 27% renewables in the final energy consumption in the EU by 2030. The final, revised RED will now be negotiated between the European Council, Commission and Parliament.

Ocean Energy Europe’s objective is to create a strong environment for the development of ocean energy, improve access to funding and enhance business opportunities for its members.

By Rebecca Jeffrey