Recently, Siemens AG suggested that the EU should build solar farms in sunny places. Now, Ditlev Engel, the CEO of Vestas Wind Systems A/S—a Danish manufacturer, seller, installer, and servicer of wind turbines—also has an advice for the European Parliament. Engel encourages EU leaders to adopt 2030 climate and energy targets that will change the balance of incentives to favor green energy investments.
Vestas CEO Ditlev Engel conveys to EU leaders meeting in Brussels, “With the right policies, business and industry will make the investments, take the risks, and create the green growth, competitiveness and energy security that Europe needs. But the EU must act fast to create greater regulatory certainty.”
If the EU hopes to reach its climate and energy objectives, it must promptly agree on binding post-2020 policy targets that will create the investment climate business needs to do its part. Regulatory uncertainty inhibits those investments. Vestas urges the EU to adopt a target of at least 30 per cent renewable energy and at least 40 per cent greenhouse gas emission reductions by 2030.
Additionally, Vestas calls on the EU to end wasteful and counter-productive fossil fuel and nuclear subsidies and to fix the Emissions Trading System to ensure a carbon price robust and stable enough to drive investment decisions in favour of the green energy transformation the EU says it wants.
According to Vestas CEO Ditlev Engel, “By 2030, Europe’s electricity system must be flexible, responsive and based on competitive renewable energy such as wind. The 2030 climate and energy policy is Europe’s chance to create a sustainable, secure and economically vigorous future.”
Engel continues, “EU leaders should seize the opportunity to adopt 2030 policies that will change the balance of incentives to favor green energy investments. Thirty per cent renewable energy and 40 per cent greenhouse gas reduction targets will set the stage for business and industry to make the investments, take the risks, and create the green growth, competitiveness and energy security that Europe needs. But it’s a two-way street. An ambitious policy on climate and energy targets will drive investment. It’s time to act.”
More details on Vestas’ vision for Europe’s 2030 climate and energy policy you can find here.
Two days ago, the European Parliament (21 May) approved a non-binding resolution calling for a mandatory EU-wide share for renewables for 2030, but failed to set the target in the 40-45% range.
“This resolution is a starting point for future debates,” said German MEP Herbert Reul (EPP), who steered the resolution through Parliament.