EU Urges Boost in Grid Funding for Green Energy Transition

  • 14 May 2024

European Union nations pushed for increased funding for power grids, essential for transitioning to clean energy.

Key Points

  • Assessing Investment Needs: EU seeks assessment of current funding against actual investment needs, aiming for guidance on utilizing more EU funds for grid projects.
  • Increasing Financing: Draft conclusions call for finding ways to boost overall financing for electricity grid infrastructure.
  • Strengthening EIB Support: European Investment Bank urged to enhance support for grid projects, including de-risking initiatives to attract private investment.
  • Investment Gap: Current grid investments fall short of the 584 billion euros annually required to meet green objectives.
  • Fast-Track Permits: Dozens of power grid projects added to fast-track permit list for certain EU funds, aiming to expedite green energy integration.
  • Speeding up Investments: Calls for expediting investments to avoid delays in connecting new green energy projects to outdated power networks.
  • Cost Sharing Challenges: Dispute arises among EU nations over cost-sharing mechanisms for large-scale cross-border power projects, such as offshore wind farms.