Investments are necessary to overcome the global financial crisis. Especially, those underpinning more secure, competitive and sustainable energy policies.
To this end, the European Energy Programme for Recovery (EEPR) promoted by the European Union will grant financial aid to the energy sector, to achieve three targets: the creation of gas and electricity infrastructure, the development of power generation from renewable energy sources, such as offshore wind, and the use of carbon capture and sequestration (CCS) technologies.
The EU’s objective is to improve the functioning of energy markets, boost energy security and reduce greenhouse gas emissions from production and consumption activities. The EU is also committed to presenting a united position on energy matters at international forums.
With the EEPR, the EU aims at achieving a more integrated, competitive and secure internal market . This objective will be accomplished by firmly supporting renewables, energy efficiency and technological innovation, especially CCS. As stated by Andris Piebalgs, who was EU commissioner for energy when the programme was launched, public authorities have to support CCS technology to ensure a significant greenhouse gas emission abatement by 2050.
According to climate experts, global emission have to be cut by 60-80% by 2050 compared with 1990 levels to limit the average warming of the planet at 2°C. Even if EU countries have a diversified energy mix, they will continue to depend on coal and oil. For this reason, it is increasingly important to promote the use of low-carbon fossil fuels and of highly innovative CCS technologies.