In order to improve financing and coordination with a view to the achievement of the 20 % target, Article 23 (7) of the Directive requires the Commission to present an analysis and action plan with a view to:
a. The better use of structural funds and framework programmes;
b. The better and increased use of funds from the European Investment Bank and other public finance institutions;
c. Better access to risk capital;
d. The better coordination of Community and national funding and other forms of support;
e. The better coordination in support of renewable energy initiatives whose success depends on action by actors in several Member States.
The report linked below presents the results of the project ‘Financing Renewable Energy in the European energy market’ commissioned by the European Commission. The study provides an up to date and thorough assessment of the costs of renewable energy and the support and financing instruments available for renewable energy R&D, demonstration projects and large-scale deployment. This includes details of each Member State’s expenditure (via grants, support schemes, loans etc.) and use of Community funds, including loans of EIB and EBRD. It also explores the possible instruments for use in the future and constraints in the capital market, which hinder the development of renewable energy. Finally, it develops recommendations for improving financing and support instruments, improving the sector’s access to capital, and closing the financing gap for reaching the 2020 targets.
1. Costs of renewable energy technologies;
2. Overview of available support instruments and support expenditures in the Member States;
3. Current and planned EU funding inside and beyond the EU;
4. Cost scenarios for reaching the 2020 RES objectives;
5. Evaluation of financing instruments, support instruments, and the sector’s access to capital;
6. Review and evaluation of existing and alternative support and financing instruments: reducing the costs of reaching the EU 2020 targets;
7. Conclusions and recommendations.
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Energy In Europe | November 8, 2011