With the European Parliament formally voting through a €672.5 billion recovery and resilience fund, the baton will pass to the heads of the European Council and its grouping of economic ministers. It is hoped an initial, 13% slice of the fund will be available to member states from early next month.
A clean energy plan drawn up by the European Commission includes details of the various funding pots available to help ocean-based renewables hit 340 GW of generation capacity by mid century.
Italy is in line for €11.4 billion if member states sign off an emergency funding package which will distribute funds based on the GDP and unemployment figures of their economies in June, July and August.
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 promise of hydrogen as the energy source of the future has long been deliberated by manufacturers, climate professionals, and political figures. These discussions have intensified following the European Commission’s economic recovery package, which features a focus on kick-starting a clean hydrogen economy in Europe. Nikolaos Tsiouvaras, R&D director at Systems Sunlight S.A., a Greek manufacturer of industrial and advanced technology batteries for the energy storage industry, explores storage in Europe.
Three big projects are candidates for support from the Covid recovery plan laid out by the bloc.
The EU Council has rejected a Covid-inspired European Commission proposal for a €40 billion warchest to help coal-dependent regions shift to renewables, with the heads of member states instead allocating €17.5 billion. Despite the final figure being €10 billion higher than that suggested by the commission before coronavirus battered Europe, questions have been asked about how useful the program will be.
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.
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