€38 billion money pot could unlock 2030 clean energy deal

(EurActiv, 3 Jul 2014) Europe’s structural funding cash pool for energy efficiency and renewables projects has soared by 40% to an estimated €38-39 billion and could be used to broker a 2030 clean energy targets deal with cost-concerned east European states, EurActiv has learned.

Paul Hodson, the head of the EU’s energy efficiency unit said that the new funding was “extremely encouraging and could still rise” as more member states announced contributions to the coffers.

A minimum €23 billion-worth of investment in energy efficiency, renewables and sustainable urban transport had been promised in the EU’s Cohesion Policy Fund statement earlier this year.

But because member states have contributed higher amounts than expected, more public money will be available to leverage investments, at a ratio of roughly €3 from the private sector for every euro spent.

Mathieu Fichter, a policy officer in the EU’s Regional Policy directorate, told EurActiv that this could offer a carrot to east European states, enabling a smoother adoption of the Commission’s proposed 2030 energy and climate package in October.

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EurActiv, 3 Jul 2014: €38 billion money pot could unlock 2030 clean energy deal