European Energy ministers today blocked an attempt by the UK to undermine the 20% renewable energy target for 2020 by having advanced biofuels count double. This would have brought the 20% target for 2020 down to 19.5% if adopted, putting at risk the confidence of companies which have invested in renewables based on a binding target of 20%.
“Changing the legislation would have deterred investments and sent up risk premiums, making it more expensive to invest in renewables. This would have undermined the green growth, jobs and energy security wind energy and other renewables bring,” pointed out Pierre Tardieu, from the European Wind Energy Association (EWEA) in Brussels. “Fortunately, the other Member States realised how dangerous the UK proposal was for the EU and its economy.”