If the European Union (EU) hopes to reach its climate and energy objectives, Vestas CEO Ditlev Engel says it must promptly agree on binding post-2020 policy targets that will create the investment climate business needs to do its part. Regulatory uncertainty inhibits those investments. Vestas urges the EU to adopt a target of at least 30%Â renewable energy and at least 40% greenhouse gas emission reductions by 2030.
Additionally, Vestas calls on the EU to end wasteful and counterproductive fossil fuel and nuclear subsidies and to fix the Emissions Trading System to ensure a carbon price robust and stable enough to drive investment decisions in favor of the green energy transformation the EU says it wants.
‘By 2030, Europe's electricity system must be flexible, responsive and based on competitive renewable energy such as wind. The 2030 climate and energy policy is Europe's chance to create a sustainable, secure and economically vigorous future,’ says Engel. ‘EU leaders should seize the opportunity to adopt 2030 policies that will change the balance of incentives to favor green energy investments. 30% renewable energy and 40% greenhouse gas reduction targets will set the stage for business and industry to make the investments, take the risks and create the green growth, competitiveness and energy security that Europe needs. But it is a two-way street. An ambitious policy on climate and energy targets will drive investment. It's time to act.’