Energy companies call for 2030 European renewable energy target

Nov 15, 2013 - Eight European energy companies have called for a renewable energy share target of at least 30% in 2030, as part of efforts to reduce the EU's dependence on fossil fuels.

The target will significantly mitigate uncertainty, investment risk, capital costs and level of additional financial support needed, helping Europe's competitiveness by driving innovation, technological leadership and job creation, Renewable Energy Systems Ltd (RES Group) and Gamesa (MCE:GAM) said in separate statements.

Moreover, a 2030 framework with renewables and greenhouse gas reduction target, as well as a robust carbon dioxide (CO2) price is key to reducing costs and removing the need for renewable energy support in future.

The target will also represent a measure to reduce the exposure of the EU to volatile fossil fuel prices, as Europe's import dependence is set to grow to more than 80% for oil and gas by 2035.

The list of companies that called for the target includes Gamesa, Acciona (MCE:ANA), Alstom (EPA:ALO), Dong Energy, EnBW AG (ETR:EBK), ERG SpA (BIT:ERG), Res and Vestas Wind Systems A/S (CPH:VWS). Collectively, they represent 176,000 jobs and combined revenues stand at some EUR 250 billion annually (USD 336.1bn).

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