Negotiators in the European Parliament and the Member States have agreed on a new target for the European Union: by 2030, renewables will produce 32 percent of the required energy. This is a significant change from the 27 percent share of renewables agreed in November 2016.
The ambition of the Community to increase the amount of energy obtained from renewable sources is driven by the rapid technological progress in recent years, which has boosted the competitiveness of renewable energy and reduced the operating costs of power plants both onshore and offshore.
The Renewable Energy Directive also includes specific measures to achieve the target. The document will also suggest support mechanisms to help provide security for investors. Member States will be obliged to create a five-year forecast detailing the auctioning times, scales and budgets.
The Directive also provides for an investment safeguard clause that will prevent retroactive changes to the laws that could affect existing renewable energy projects. There will also be a simpler process of documenting the new and up-to-date projects foreseen in the plan. After the Directive enters into force, the permit procedures will be simpler and the terms shorter; therefore, renewable energy projects will be implemented more quickly.
It is expected that the European Council and Parliament will formally approve the Directive over the next few weeks.