The European Commission announced this Tuesday a Clean Energy Investment Strategy designed to bridge the gap between available private capital and the investment required to transform Europe’s energy system and infrastructure.
The strategy aims to de-risk projects and mobilise private financing for electricity grids, innovative clean energy technologies and energy efficiency. It will be implemented in partnership with the European Investment Bank Group (EIB Group), which intends to provide more than €75bn in financing over the next three years to support the clean energy transition.
As part of this effort, the EIB Group plans to commit up to €500m to the Strategic Infrastructure Investment Fund, providing anchor capital to support energy infrastructure projects and contribute to the objectives of the European Grids Package.
According to executive vice-president for clean, just and competitive transition, Teresa Ribera: “The situation in Iran reminds us of a simple truth. Homegrown clean energy is the only lasting solution for EU to break the cycle of fossil-fuel dependency and price volatility.”
Measures to lower energy bills for citizens
Alongside the investment strategy, the Commission introduced a Citizens Energy Package aimed at reducing energy bills and strengthening the role of consumers in the energy system.
The proposed measures include faster switching between energy suppliers, lower taxes and levies on electricity bills and clearer information on contracts and billing. The package also seeks to empower citizens to produce and share their own clean energy and to combat energy poverty.
Commissioner for energy and housing, Dan Jørgensen, stated: “High energy prices are still weighing heavily on our citizens and our businesses, and the renewed crisis in the Middle East is adding further uncertainty.”
Support for small modular reactors
The Commission also presented a Strategy for Small Modular Reactors (SMRs) to support the development and deployment of new nuclear technologies within the EU.
The strategy aims to enable member states to pursue this technology to deploy the first operational SMRs in the early 2030s. It will support industrial development through the European Industrial Alliance on SMRs and strengthen cooperation between member states.
To support initial commercial deployment, the Commission will consider an additional €200m InvestEU top-up from the Innovation Fund until 2028 to provide de-risking guarantees for innovative nuclear technologies.
Executive vice-president for prosperity and industrial strategy, Stéphane Séjourné, said: “As energy has long been used as a geopolitical tool, developing a strong European nuclear industry is not only an economic opportunity, but also essential to decarbonise our industry and strengthen Europe’s energy independence.”
