European Commission welcomes agreement on new renewable energy target

European Commission welcomes agreement on new renewable energy target

European Commission welcomes agreement on new renewable energy target

The FINANCIAL -- An ambitious political agreement on increasing renewable energy use in Europe was reached on 14 June between the European Commission, Parliament and Council. The new regulatory framework includes a binding renewable energy target for the EU of 32% by 2030.

This will allow Europe to keep its leadership role in the fight against climate change, in the clean energy transition and in meeting the goals set by the Paris Agreement. The rules agreed will accelerate public and private investment in innovation and modernisation in all key sectors.

Commissioner for Climate Action and Energy Miguel Arias Cañete said: “Renewables are good for Europe, and today, Europe is good at renewables. This deal is a hard-won victory in our efforts to unlock the true potential of Europe's clean energy transition.”

By boosting renewable energy, which can be produced from a wide variety of sources including wind, solar, hydro, tidal, geothermal and biomass, the EU lowers its dependence on imported fossil fuels and makes its energy production more sustainable. The renewable energy industry also drives technological innovation and employment across Europe.