24 November 2020
The Recovery and Resilience Facility is a once in a generation opportunity to prioritise green investments and boost progress towards climate neutrality
The EU’s renewable energy industries commend the European institutions for agreeing that 37% of Recovery & Resilience Facility funds should be used for climate-related spending.
As the discussions enter the trilogue phase we call on the co-legislators to ensure that the Recovery & Resilience Plans are fully consistent with the EU’s commitments under the Paris Agreement and the EU’s own objective of climate neutrality by 2050. To this end, we call on the co-legislators to ensure that:
- The 37% climate mainstreaming target remains in place.
- The Recovery & Resilience Facility funds prioritise green investments such as the development of additional renewable energy capacity, the integrated renovation of buildings, the deployment of on-site and nearby renewable heating and cooling solutions, the uptake of clean mobility and smart charging infrastructure, and smart grid projects.
- The Recovery and Resilience Plans not finance activities that lead to a lock-in of fossil fuel assets.
We ask that Member States take the Commission’s recommendations into account and direct Recovery and Resilience funds towards the 7 European Flagship Initiatives, including “Power Up” (related to decarbonisation of the energy sector); “Renovate, Recharge and Refuel”; and “Reskill and Upskill”.
The Recovery and Resilience Facility is a once in a generation opportunity to lay the groundwork for climate neutrality in the EU. The benefits are clear: EU global leadership in the energy technologies of the future, millions of additional jobs, enhanced energy system efficiency, and billions saved on energy bills.
The EU owes it to future generations to ensure that these funds are spent to safeguard their future. This is an opportunity that must not be wasted.