By promoting rapid expansion of investment in low carbon technologies, European Union aims to slash greenhouse gas emissions. EU targets to help industries transition towards green energy.
European policies
European policies related to climate change and other environmental policies are to be changed. Also, the push towards wind and solar usage would be more for 27 EU countries.
As told by Diederik, head of the European Commission climate chief’s cabinet, “Will we go for national binding targets for renewable energy? Let’s say the odds are in favor of that.”
Furthermore, the committee is drafting a package of change in policies. With a current target of 32 % renewable energy share by 2030. This sounds practical considering that it was 20% earlier in 2019.
Europe’s support important projects
For decades the regulations have always slowed down different projects in Europe. Which is going to change with the EU’s goals to shift towards sustainable energy. Pollution control problems have caused various problems in countries like Poland where heaters cause pollution.
Turkey is considered the most polluted country in Europe. It is said that around 30,000 people die from air pollution each year in this one country alone.
Also, the projects under IPCEI (Important Project of Common European Interest) can fund resources on technologies. With the IPCEI, the EU can now fund different public infrastructure. Also on other related important projects to shift towards renewables.
As said by a draft of IPCEI, “These projects could accelerate needed investments in the feels of hydrogen, 5G corridors, common data infrastructure and services, sustainable transport, blockchain or European Digital Innovation Hubs.”
Investing in green technologies
These policy changes ensure that each EU country can implement strategies on its own. While some EU states are preparing to use money from COVID recovery money of 672 billion euros. Also, the policy states that 37% must be used to support climate goals set by the EU.
Furthermore, the industry is going to classify sustainable investments. From electric vehicles, EV batteries to other renewables, everything will be classified further. And the environmental standards set to go electric vehicle batteries should be followed by companies.
Additionally, Brussels plans to impose costs on imports for polluting goods. And the EU’s dependence on imported supplies came into the limelight during the pandemic.
This move also encourages technologies to use hydrogen or other better options than exhibiting ones. Currently, Europe’s renewables are no way near meeting the ends. Loosening up the policy rules would be an added advantage. Especially when large corporations are expected to expand into European countries.