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The European Commission said on Monday that the EU's competition regulator was considering amending the state aid law to allow EU countries to subsidize up to 100 percent of renewable energy projects as the bloc seeks to meet ambitious green targets
.
The proposed changes are part of the EU's Executive Body's revision of its Guidelines for State Assistance (EEAG) for Climate, Energy and the Environment, which are expected to be adopted
by the end of this year.
"Europe will need a lot of sustainable investment
.
While a large part will come from the private sector, public support will play a role in ensuring that the green transition happens quickly," European Competition Commissioner Margrethe Vestager said
in a statement.
The EU executive said the revised rules would allow EU countries to introduce new aid tools and projects in clean transport, building energy efficiency and biodiversity, which could also be fully funded
by EU countries.
EU countries will have to consult with all stakeholders on subsidy programs as one of
several safeguards to ensure that state aid is effective and limited to need.
As long as it meets the EU's 2030 and 2050 climate targets, the revised rules will cover new investments
in natural gas.
Interested parties must provide feedback by 2 August, and the European Commission will make a final decision
based on the feedback and the actual situation.
The European Commission said on Monday that the EU's competition regulator was considering amending the state aid law to allow EU countries to subsidize up to 100 percent of renewable energy projects as the bloc seeks to meet ambitious green targets
.
The proposed changes are part of the EU's Executive Body's revision of its Guidelines for State Assistance (EEAG) for Climate, Energy and the Environment, which are expected to be adopted
by the end of this year.
"Europe will need a lot of sustainable investment
.
While a large part will come from the private sector, public support will play a role in ensuring that the green transition happens quickly," European Competition Commissioner Margrethe Vestager said
in a statement.
The EU executive said the revised rules would allow EU countries to introduce new aid tools and projects in clean transport, building energy efficiency and biodiversity, which could also be fully funded
by EU countries.
EU countries will have to consult with all stakeholders on subsidy programs as one of
several safeguards to ensure that state aid is effective and limited to need.
As long as it meets the EU's 2030 and 2050 climate targets, the revised rules will cover new investments
in natural gas.
Interested parties must provide feedback by 2 August, and the European Commission will make a final decision
based on the feedback and the actual situation.
