European Union boosts Renewable energy up to 20% by 2020

by SOLARLIFE | September 12, 2008 at 11:54 am | 75 views | add comment | 0 recommendations

SEPT-11 2008 Europe
The Parliament's Industry Committee has almost unanimously backed EU legislation that paves the way for massive investment in renewables. EU countries are set to back the main elements of the vote, according to Green MEP Claude Turmes, who shepherded the file through Parliament.

But Turmes won support from other MEPs over his insistence that the EU set interim targets for member states, backed by the threat of financial penalties of up to €110 per megawatt (mw) for laggards. In contrast, member states that overachieve should receive a financial award to the tune of €30 to €40 per mw, Turmes said.

"This is a great day" for renewable energies in Europe, said an emotional and overjoyed Turmes following the committee's vote in Brussels yesterday (11 September).

The Green MEP from Luxembourg, who authored the Parliament's report on a proposal to boost the share of renewables in final energy consumption to 20% by 2020, predicts that the wind turbine sector alone will overtake EU car manufacturers as the biggest clients of the steel industry by 2013.