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Industry leaders support stronger EU renewables targets to enable swifter transition to low carbon economy

last modified Aug 02, 2017 09:50 AM
26 April 2017 – Leading businesses are calling on the EU to raise the ambition of its renewable energy targets.

In a report launched today in Brussels by The Prince of Wales’s Corporate Leaders Group, companies warn that inconsistent, vague and unambitious EU policies are stifling investment and slowing the transition to a cleaner energy future.

Jill Duggan, Director of the Corporate Leaders Group, said:

“Leading companies from across Europe are telling us that weak renewables targets hinder investment in cleaner energy, and lack of clarity at Member State level hampers decision-making. What the majority of these companies want is ambitious Member State targets for renewable energy to drive their investment and purchasing decisions. Those countries with the strongest targets will be the most attractive for inward investment.”

The report, 21st century energy: Business reflections on renewables in Europe, recommends the EU implements more ambitious and binding targets in the new Renewable Energy Directive, due to be agreed this year. Currently, the European Commission is proposing a non-binding, EU-level target of 27 per cent renewable energy by 2030. The majority of companies interviewed for the report think the EU should raise the 2030 target.

Interviewees also call for better arrangements for an EU-wide energy market, and policy credibility and consistency to enable long-term decision-making. Whilst energy investments are considered over decades, only seven of the 28 EU Member States currently have targets in place beyond 2020.

Ikea Group is quoted as saying:

“We need stable and ambitious policies since any uncertainty can hamper or delay corporate investments. This would enable us to realise our investments faster. The EU level can play an important part in increasing the harmonisation of the policies.”

The Corporate Leaders Group members seek to build a just, resource-efficient, zero carbon, and resilient economy. The CLG is convened by the University of Cambridge Institute for Sustainability Leadership (CISL).

Nigel Stansfield, President for EMEA at Interface said:

“Supporting businesses to transition to renewable energy is crucial for promoting growth and jobs in a sustainable economy. We need more consistent policy implementation across the Union, a framework for an integrated energy market, and stronger enforcement. There is a real opportunity here for the EU to show leadership and reassert the right and ambitious direction of travel.”

Read the report: 21st century energy: Business reflections on renewables in Europe.


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Contact

Claudia Elliot, di:ga Communications, claudia@digacommunications.com, 07792 114449; James Cole, CISL, james.cole@cisl.cam.ac.uk, 01223 768863

Notes

  • The report, 21st century energy: Business reflections on renewables in Europe, is based on interviews with senior members of each of the following companies: Acciona, Anglian Water, BT, Doosan Babcock, DSM, EDF Energy, Eurelectric, GSK, Google, IKEA Group, Interface, LafargeHolcim, Phillips Lighting, Sappi, Stora Enso.
  • The Prince of Wales’s Corporate Leaders Group (CLG) brings together the following company leaders: 3M, Acciona, Anglian Water, BT, Coca-Cola European Partners, DSM, EDF, Ferrovial, GSK, Heathrow, Iberdrola, Interface, Interserve, Jaguar Land Rover, Lloyds Banking Group, Philips, Skanska, Sky, Stora Enso, Tesco, Thames Water, Unilever, UTC.
  • Communications from the CLG benefit from the input of the entire group but do not necessarily require the formal agreement of all member companies.
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