RED III – Europe secures its technological advantage with a dedicated target for innovative renewables
30.03.2023
Europe is taking a leap forward to secure its leadership in innovative renewables with the endorsement of a 45% renewables consumption target and a 5% innovation target for new installed capacity. The targets were agreed this morning by the European Parliament and Member States as part of the revision of the EU Renewable Energy Directive (RED).
Ocean Energy Europe applauds the inclusion of the innovation target in particular, as it gives a strong political signal. This in turn will provide market visibility and speed up the deployment of innovative renewables.
5% of new installed capacity between now and 2030 will come from innovative renewable energy technologies. National governments should now translate this into policy measures as part of their National Energy and Climate Plan updates to match the target’s ambition.
Rémi Gruet, CEO of Ocean Energy Europe said: “The original RED started the global renewables revolution from Europe. This third iteration will keep Europe firmly at the frontier of innovation.
Europe will install gigawatts of cheap wind and solar to make up the bulk of its electricity supply. The innovation target will ensure that innovative technologies like tidal, wave and others, can help to balance the grid and reduce consumer prices. Delivering electricity at different times and places will smooth out electricity peaks and lows and help us get rid of our dependency on Russian fossil gas.
A 45% target, even with a 2.5% indicative element, and streamlined permitting, shows investors that Europe is open for business and can help to avoid a flight of investment and renewable projects to the US or China.”