The parliament and EU member states will now mull the proposed budget for 2021-27 which includes a €750 billion Covid recovery package and a Strategic Investment Facility it is hoped will unlock €150 billion for renewables and energy storage to 2027.
The European Commission has outlined a long-anticipated plan it says could unlock up to €340 billion for new solar and wind projects over the next decade. The 30-year strategy envisages up to €470 billion being spent on electrolyzer capacity.
The operations and maintenance and the engineering, procurement and construction arms of PV company Enerray have been sold off by troubled industrial conglomerate Gruppo Industriale Maccaferri for cash, transferring 240 MWp of Italian generation capacity to the management of rival LT Renewables.
The heads of state of the 27 EU member states agreed to resist calls from a reported eight countries to expand the nature of projects eligible for energy transition support beyond renewables.
Plus, Italian developers continue to dig deep for their health service, the pandemic piles on problems for a debt-saddled Chinese company and analysts consider whether there will be any money left for a green economic recovery after the dust settles.
Industry body SolarPower Europe hosted a webinar to consider how the global public health crisis will affect solar. While workers and materials are still available, industry experts are concerned about the state of the financial sector. Banks could become more conservative and raise the cost of capital for renewables projects.
The economic fallout of the Covid-19 outbreak is yet to be determined but as legislators scramble to establish fiscal support for the EU it is becoming clear the suits in Brussels are not prepared to scrap their hard-won Green Deal plan. Quite the opposite, in fact.
While the world’s climate negotiators dither, the post Covid-19 world could see their efforts overtaken – but only if policymakers are bold enough to take the opportunity to offer truly green fiscal stimulus packages to get us through the crisis. Felicia Jackson, from the center for sustainable finance of the School of Oriental and African Studies at the University of London, gives her thoughts here.
President Ursula von der Leyen has outlined plans to fund her Green Deal with a mix of EU, member state and private sector contributions. Now it is over to individual nations and the European Parliament.
The cataclysmic bushfire season ravaging the nation is a reminder of the risk climate change poses to Australia’s economic and social prosperity. An international roadmap to freedom from fossil fuels by 2050 produced by the U.S.’ Stanford University says Australia needs another 280 GW of solar and tens of billions of dollars of investment to turn down the heat.
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