Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-04-01-Speech-4-199"
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"en.20040401.5.4-199"2
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".
Mr President, the plan of implementation agreed in Johannesburg during the World Summit on Sustainable Development in 2002 put a strong emphasis on renewable energy. It stresses the need to substantially increase the share of renewable energy in the total world energy supply. In answer to this challenge, the European Community and the Member States launched, during the World Summit in Johannesburg, the so-called 'Johannesburg Renewable Energy Coalition', inviting all countries of the world to joint it. A key milestone in this process is the conference that will take place in Bonn this year.
The Commission has been involved in its preparation since the very early stages. The first preparatory international high-level conference was organised by the Commission. It offered the first major stepping-stone towards the Bonn conference, including a clear road map. The Commission is also hosting the secretariat of this coalition.
The coalition has now grown from 66 to 87 members and continues to grow: Ghana joined only this week. The Commission intends to present three initiatives at the Bonn conference: first, a communication assessing the state of development of renewable energy in the European Union. The communication takes as its starting point the need to address the Union's growing dependence on energy imports – mainly oil and fossil fuels from a few areas of the world – and the need to tackle climate change. The promotion of renewable energy has an important part to play in both those areas. The communication will evaluate progress made by Member States under the directive on electricity from renewable energy sources. It will report that all Member States have adopted national targets for the share of electricity production from renewable energy sources. If Member States achieve their national targets, the share of electricity from renewable energy sources in the EU of 15 should come close to the 22% target of the directive, compared to 14% in 2001. However, national policies and measures currently in place will probably achieve only half of the progress necessary, bringing the renewable energy share in electricity production only up to between 18% and 19% in 2010. That is a source of concern.
As regards overall energy consumption, the Union has, since 1997, been working towards the target of a 12% share of renewable energy. A couple of years ago the share was only 6%. Since that date, in 2001 the Community adopted new legislation in the field of renewable energy and energy efficiency, a directive on electricity from renewable energy sources –covering biofuels, energy performance of buildings, co-generation, etc. The European Parliament and the Council are examining further proposals on eco-design requirements, energy efficiency and energy services. However, even if this framework legislation is fully transposed and implemented, the share of renewable energy should still only reach 10% in 2010. There will be a need for further action. A priority will be the heating sector.
Through the secretariat of the Johannesburg Renewable Energy Coalition we have launched two key initiatives to support, in particular, the developing country members of the coalition. We are developing a global on-line renewable energy policy and measures data base, including reported targets jointly with the renewable energy team of the International Energy Agency. To respond to the continuing call for innovative public/private partnerships we are also exploring the feasibility of creating a patient capital fund to encourage participation from international and local financial intermediaries, as well as the international financial institutions. The aim is to offer affordable risk capital. Both projects will be presented by the Commission at the Bonn conference.
I should like to clarify some issues about the patient capital initiative, which originates from the commitments made by the European Union to identify and bridge financing gaps and obstacles with respect to renewable energy. First of all, it is still only an idea that we are studying. A feasibility study has been launched. If it is established, that fund would be a type of equity finance that blends public and private sector investment requirements. It would provide equity funding in the expectation of a return but on a less demanding basis than pure market private equity capital. We are presenting this initiative in a wide range of events and fora and have received positive feedback so far.
As regards the Bonn conference, the European Preparatory Conference on Renewable Energy was held in January this year. That conference considered that the use of overall targets for renewable energy should be extended beyond 2010. A number of technical studies suggest that a target of at least 20% of gross domestic consumption from renewable energy in 2020 is economically feasible and achievable for the EU of 25, provided that the right policy environment is created. However, it is the view of the Commission that the adoption of an EU target of 2020 is premature at this point in time, as further consultations are necessary. Nevertheless my personal opinion is that we should give a clear signal in Bonn that we are ready to set 2020 targets, but that more work is needed on what those targets should be. Such a signal is critical if the EU wants to maintain its leadership role within the coalition for renewable energy and in the field of global sustainable development in general.
The targets set for 2020 are also necessary to give certainty to the fledgling renewable energy industry within the EU and, in particular, to the financial sector. This will help achieve current and future targets."@en1
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