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EU to invest €50 billion in energy technology

  • 14 years ago (2009-10-22)
  • Junior Isles
Europe 1049 Renewables 747

The European Union will invest an additional €50 billion (about $75 billion) in energy technology, according to information from the two-day EU Strategic Energy Technology Plan conference, which began in Stockholm, Sweden, on October 21st.

Janez Potocnik, Commissioner for Science and Research said: "The (European) Commission estimates that an additional investment of €50 billion in energy technology research will be needed over the next 10 years. This means almost tripling the annual investment in the European Union, from €3 to 8 billion.”

Organized by the Swedish Energy Agency in collaboration with the European Commission, the EU's Strategic Energy Technology Plan will accelerate the development and deployment of cost-effective low carbon technologies such as bio-energy, carbon capture and storage, solar power, energy efficiency-smart cities, smart grids and wind power.

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