Good morning,
The EU faces a €344bn climate investment gap, spending nearly twice as much on fossil fuels in 2023 as on clean energy.
A new report by the European Climate Neutrality Observatory (ECNO), published today, warns of slow progress on renewables, rising energy costs, and growing dependence on imports of key clean tech materials, especially from China.
According to the authors, Europe still has a “thriving” clean tech sector, second only to China, but its trade balance in lithium, platinum and silicon is “all heading in the wrong direction.”
The report calls for a coherent strategy to boost investment, trade, and demand for clean technologies, or risk undermining Europe’s competitiveness and climate goals.
Aside from investment and trade, the report calls for targeted demand support, to speed up the uptake of clean tech like heat pumps and clean manufacturing.
Europe's industrial electricity prices have risen 7.5 percent per year between 2019 and 2024, faster than in the US or China, mainly driven by Europe's reliance on expensive fossil fuel imports.
With EU energy ministers meeting on 4-5 September to discuss the future of the Energy Union, and the Danish presidency pushing for grid upgrades and a stronger green agenda, the report could not have been better timed.
– Wester van Gaal, economy editor
Advert
Every month, hundreds of thousands of people read the journalism and opinion published by EUobserver. With your support, millions of others will as well. If you're not already, become a supporting member today.
Top Story
Belgium to probe Russia links of former EU commissioner
Belgium is to investigate former EU commissioner Didier Reynders' alleged links with a blacklisted Kremlin oligarch, on top of his ongoing money-laundering case.
What else you need to know
Europeans demand more EU unity on bloc's defence and economy
Europeans want greater co-operation and unity from their governments to help the EU better face the continent’s defence, security, and economic challenges, according to a new survey published on Wednesday (3 September). Read on »
EU falls behind China with ‘colossal’ €344bn clean tech funding gap
EU energy ministers meet this week as a new ECNO report warns that Europe’s clean tech investment gap and high electricity costs caused by expensive fossil fuel imports risk slowing the green transition.Read on »
Belgium to probe Russia links of former EU commissioner
Belgium is to investigate former EU commissioner Didier Reynders' alleged links with a blacklisted Kremlin oligarch, on top of his ongoing money-laundering case. Read on »
Advert
New versions of old Islamophobic tropes: laughable, but dangerousColumn
Some biases never die. They just mutate to take on toxic new forms.Read on »
Growing list of EU states to recognise Palestine, fearing Israeli 'genocide'
Belgium is to join France and Malta in recognising Palestine, while slamming Israel with bilateral sanctions in the face of EU inaction on the Gaza war. Read on »
Listen: Belgium to recognise Palestine at the UN and sanction IsraelPodcast
Belgium’s Foreign Minister, Maxime Prévot, announced overnight that the country will recognise the state of Palestine during the upcoming UN General Assembly session in New York.Read on »
In case you missed it
EU sets 2030 deadline to be battle ready against Russia
The European Commission is setting a 2030 deadline to plug all the military gaps throughout the European Union as war rages in Ukraine.Read on »
How Orbán plans to survive 2026Column
Inspired by the Romanian election annulment, there are indications that the Orbán regime may be preparing a scenario for the 2026 elections in which allegations of foreign interference could be used to contest a potential victory by Péter Magyar’s Tisza.Read on »
Asylum applications to EU drop 30 percent year-on-year
First-time asylum applications dropped significantly in May, according to the EU's statistical office Eurostat.Read on »
Geen opmerkingen:
Een reactie posten