Press statement: ETS Innovation Fund can deliver the next generation of renewable energy technologies
Ocean Energy Europe welcomes todays deal on the new Innovation Fund, intended to bring to market the next generation of clean energy technologies. The agreement was reached by the European Council, Parliament and Commission early this morning as part of the Emission Trading System (ETS) revision.
Speaking about the agreement Ocean Energy Europe CEO, Rémi Gruet, said: “Europe is great at researching new technologies, but less successful at transforming them into an industrial reality. The Innovation Fund is one mechanism to do just that: support large-scale technology demonstration to de-risk technologies and push them towards commercial readiness, cost reduction and export success.”
Gruet added: “We look forward to working with the European Commission and Member States to ensure the Innovation Fund design fits the objective, and targets technologies that can deliver large scale carbon emission reductions. Renewables have a proven track-record in delivering on this goal and must be prioritised”.
“Onshore wind, Solar Photovoltaics, and now offshore wind made it to commercial scale, now is the time to transform the work done by EU universities and companies on ocean energy and 2nd generation renewables into jobs and returns for the EU economy,” concluded Mr Gruet.
Negotiators agreed to allocate 450m allowances to the ETS’ Innovation Fund. At today’s carbon price these 450m allowances should provide around €3.5bn of support for innovative technologies which can deliver emission reductions, such as renewables and ocean energy.
About Ocean Energy Europe
Ocean Energy Europe is the largest network of ocean energy professionals in the world. Over 120 organisations, including Europe’s leading utilities, industrialists and research institutes, trust OEE to represent the interests of Europe’s ocean energy sector.
About the Emission Trading System
The EU’s Emissions Trading System (ETS) is the world’s first and the biggest scheme for trading emissions allowances. The ETS requires businesses to measure and report their carbon emissions, handing in an allowance for each tonne of CO² they emit. Companies can trade allowances as an incentive for them to reduce their emissions. Trading should bring flexibility that ensures emissions are cut where it costs least to do so.
Today’s deal between Parliament and Council provides a clear outcome after more than two years of intensive negotiations, following the Commission’s proposal to revise the EU ETS in July 2015.