The European Investment Bank is currently in the process of drafting its updated energy lending policy. As the European Union is progressing towards decarbonisation, and the 2050 horizon is nearing quickly, EGEC joined other industry associations and think tanks to call for the EIB to promptly stop funding fossil fuel projects.
Sustainable finance is an increasingly important topic in European policy making. A proposed regulation by the European Commission on this topic will have a major impact on the private financial sector, and its relationship with geothermal and other renewable energy investments.
The State Aid Guidelines on Energy and the Environment were initially release to adapt the rules on public support for the energy sector from a competition law perspective to reflect notably the framework of the 2020 EU Climate and Energy objectives. The purpose of this review is to put the State Aid framework in line with the 2030 Clean Energy for All European package, and reflect the changing market dynamics in the energy sector.
The EIB’s energy lending criteria are the set of rules, revised regularly, which the Bank sets for its activities to be compliant with the European Union’s policy objectives.
EGEC, alongside other renewable associations (Bioenergy Europe, EREF, EHPA, ESTELA, EUREC, Ocean Energy Europe, Solar Heat Europe) has co-signed a joint statement denouncing proposal to make fossil fuels eligible for funding in the ERDF.
The European Union is starting discussion on its next Multiannual Financial Framework, which governs how EU funding is allocated for the 6-years period after 2020.
This paper aims to highlight the main financial barriers to the development of geothermal technologies, and to propose innovative and differentiated tools for funding geothermal heat and geothermal electricity. The document puts forward key recommendations for designing new and improving the functioning of existing public support schemes.