Next European Commission set to boost investments in clean technologies
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23.07.2024
Competitiveness and implementation of the Green Deal will be top priorities for the next Commission.
Newly elected Commission President von der Leyen announced her commitment to unlock funding to de-risk private investments in clean technologies, including renewables, through a new European Competitiveness Fund.
She also announced an upcoming European Ocean Pact to boost the European blue economy and ensure good governance of the ocean.
Innovation’s fundamental role in driving European competitiveness was also recognised with the pledge to put innovation ‘at the heart of the European economy’.
These announcements send positive signals for new investments in clean technologies and renewables, and are therefore good news for the ocean energy industry.
A new Competitiveness Fund would mean new European funding to support the development of EU strategic sectors. This includes net-zero technologies listed in the Net-Zero Industry Act — such as ocean energy.
This new pro-investment Commission should also mean greater involvement from the European Investment Bank to address financial barriers and investment gaps to clean-tech scale-up via much-needed de-risking instruments.
Essentially, this could lead to the extension of the EIB de-risking toolbox to innovative cleantech companies — making it easier for investors, venture capitalists, and commercial banks to finance innovative renewable projects.
An Ocean Pact will make sure that innovative sectors such as ocean energy benefit from the right policy and funding support to build a strong and competitive blue economy.
Ultimately, this new agenda sets a scene where the ocean energy industry can shine.
It’s a new industry delivering home-grown renewable and predictable power entirely made in Europe. Its 100 GW potential of readily exploitable energy will strengthen Europe’s energy security, and the 500,000 sustainable jobs it will create will drive Europe’s blue economy forward.
Europe is currently the global leader in ocean energy, and sits on a 137 MW pipeline of wave and tidal pilot and pre-commercial projects. This prompted several energy majors to invest in ocean energy technologies recently. And more are looking for new investment opportunities.
Europe has a unique opportunity to consolidate its leading position once and for all by bringing ocean energy to market during the next Commission’s term.
Ongoing support from existing EU funds along with national revenue support systems will remain key drivers to ensure that Europe makes the most of this ongoing momentum and delivers on ocean energy during the next mandate.
However, opening up the EIB’s de-risking instruments to ocean energy farms is an essential step to leverage further private investments and enable the industry to move to the next stage.
This will enable Europe to secure a first win in the global clean tech race and a build a new European industrial success.