OEE supports REPowerEU Plan to speed up renewable energy rollout

Belgium-based association Ocean Energy Europe (OEE) has reportedly signed a joint letter offering support to the REPowerEU Plan. This move will enable a faster roll-out of renewable energy and cut down Europe’s reliance on fossil fuels.

The joint letter signatories- including Cleantech for Europe, OEE, Clean Air Task Force, and Ecos- have expressed appreciation for the objectives of REPowerEU. However, the entities hold the belief that concrete strategies and bolder actions are required to expedite the deployment of clean technologies.

As per the organizations, the increased renewables target of 2030, a new plan to double the capacity of solar photovoltaics by 2025, and a legal commitment to deploy solar panels on new buildings are strong innovation drivers in delivering utility-level renewable generation.

The organizations have called for bolder steps for long-term energy storage technology, smart grids, and innovative renewables which could benefit from precise targets like:

  • Clear plans to expedite the implementation of clean technologies necessary to develop an energy mix dominated by renewables
  • The transition should not be financed at the Climate Law’s expense. Selling more ETS allowances introduces a carbon price instability just when businesses are working out new long-term indications
  • Using ETS Market Stability Reserve as a source of funding will possibly undermine ETS’ credibility, increase emissions, create market unpredictability, and reduce carbon price thus discouraging climate innovation and clean technology investments

The REPowerEU plan still shows over-reliance on the development of new fossil fuel infrastructure. However, research from RAP, E3G, Ember, and Bellona is gradually challenging its necessity, citing that it would create stranded assets in a net-zero future.

For the record, OEE is the world’s largest network of ocean energy professionals. It comprises more than 120 organizations, including Europe’s leading industrialists, utilities, and research institutes, who trust the organization in representing the interests of the European ocean energy sector.

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