The European Commission unveiled a new plan to help member states invest in clean energy, as the ongoing war in Iran underscores the dangers of relying too heavily on fossil fuels from third countries for energy production.
Dubbed the Clean Energy Investment Strategy, the Commission hopes that new rounds of investment and incentives will help the European Union cope with uncertain times. The plan will see the Commission, with the European Investment Bank (EIB), release €75 billion to boost projects aimed at a clean energy transition. To kickstart this investment, the EIB Group pledged to give up to €500 million to the Strategic Infrastructure Investment Fund. In addition, the Strategy for Small Modular Reactors (SMRs) will provide incentives and European funds to member states currently working on such projects to have them operational by 2030.
Presenting the new initiative, Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition, said that “the situation in Iran reminds us of a simple truth. Homegrown clean energy is the only lasting solution for the EU to break the cycle of fossil-fuel dependency and price volatility.” Her words were echoed by Stéphane Séjourné, Executive Vice-President for Prosperity and Industrial Strategy, who said that it is “essential to decarbonise our industry and strengthen Europe’s energy independence.”
Industrial output is not the only area the Commission decided to intervene in; household consumption is also affected as citizens cope with higher energy bills. “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,” commented Dan Jørgensen, Commissioner for Energy and Housing. The so-called Citizens Energy Package will address those concerns. The plan will push for measures to reduce energy bills and help citizens start producing and sharing their own clean energy.
