The use of financial instruments in the ‘Renewable Energy’ sector is a stocktaking study on financial instruments by sector made by the European Commission and The European Investment Bank. This study is focused on the need for boosting financial instruments on the renewable energy sector, as a key element to achieve EU objectives for 2030.
To reach the target of a 32% share of renewable energy in final energy consumption at the European Union (EU) level by 2030, the EU needs to increase investment in Renewable Energy. The objectives for renewable energy set out in the 'Clean Energy for All Europeans' package require additional annual investment to the current trend of annually EUR 9 billion from private and public sources from 2021 to 2030.
The document analyses the ESIF investments and the use of financial instruments, the market opportunities, the barriers that projects can find, the potential for the use of financial instruments for Renewable Energy, and the key enabling factors for the use of financial instruments.
This last point is especially interesting, and it includes:
- Transferring knowledge on financial instruments in the sub-sector.
- Integrating RES financing into financial instruments for SMEs.
- Combining grants with financial instruments.
- Designing financial instrument-friendly Operational Programmes.
- Providing Technical Assistance.