Europe’s renewable energy industry associations, coordinated by Ocean Energy Europe, have published a position paper which establishes principles for the new Innovation Fund to be set up as part of the Emissions Trading System (ETS) reform.
“NER300 addresses the so-called ‘valley of death’ gap between R&D funding and revenue support, bringing forward innovative ocean energy pilot projects. With the Innovation Fund, we now have a chance to make this system more effective.
"The main financial barrier facing demonstration projects is sourcing upfront finance, and the Innovation Fund will have the most impact by addressing this”, commented Jacopo Moccia, Policy Director, Ocean Energy Europe
The European Parliament is preparing its position on ETS reform (the report is called: Cost-effective emission reductions and low-carbon investments). This will be the basis of the EP’s negotiating stance with the Commission as it is a co-decision procedure.
The European Commission is looking to use part of the excess emission certificates from the ETS (400 million of them) in the hope of raising between €4.5bn and €11bn for innovative renewable energy and industrial projects. This is a successor programme to the NER 300 and will be called “Innovation Fund”.
OEE is coordinating common positioning of the RES industry here in Brussels to ensure that the new Innovation Fund is as efficient and fit-for-purpose as possible. Helping innovative ocean energy projects bridge the financing Valley of Death. On behalf of the entire RES industry, we are contacting various key MEPs to highlight our position to them.