Vestas CEO Ditlev Engel conveys to EU leaders meeting in Brussels, “With the right policies, business and industry will make the investments, take the risks, and create the green growth, competitiveness and energy security that Europe needs. But the EU must act fast to create greater regulatory certainty.”
If the EU hopes to reach its climate and energy objectives, 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 per cent renewable energy and at least 40 per cent greenhouse gas emission reductions by 2030.
Additionally, Vestas calls on the EU to end wasteful and counter-productive 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 favour of the green energy transformation the EU says it wants.
According to Vestas CEO Ditlev Engel, “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.”
Engel continues, “EU leaders should seize the opportunity to adopt 2030 policies that will change the balance of incentives to favour green energy investments. Thirty per cent renewable energy and 40 per cent 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’s a two-way street. An ambitious policy on climate and energy targets will drive investment. It’s time to act.”
Every single day, Vestas wind turbines deliver clean energy that supports the global fight against climate change. Wind power from Vestas’ around 49,000 wind turbines currently reduces carbon emissions by over 60 million tons of CO2 every year, while at the same time building energy security and independence.
Today, Vestas has delivered wind energy in 73 countries, providing jobs for around 17,000 passionate people at our service and project sites, research facilities, factories and offices all over the world. With 62 per cent more megawatts installed than our closest competitor and more than 56 GW of cumulative installed capacity worldwide, Vestas is the world leader in wind energy.