Renewable Energy: the excellent opportunity for the Old Continent.
Clean Energy is a fundamental solution for transitioning towards a low-carbon economy and for the fight against climate change.
The EU’s first cross-border photovoltaic auction represents a unique opportunity to promote renewable Energy on the Continent and demonstrate the EU’s willingness to create a more sustainable future.
On April 14, 2023, the EU Executive adopted the first 400 MW cross-border auction under the Renewable Energy Financing Mechanism (RENEWFM), one of the community tools developed to support greater dissemination of green energy sources in the bloc.
The cross-border auction that will change the Continent
This auction represents a unique opportunity to demonstrate Europe’s commitment to a more sustainable future and promote using renewable energy sources.
The cross-border auction is based on the binding commitment signed by Luxembourg, the contributing country, and Finland, the hosting country. The auction will be open to project developers to create new solar plants with a capacity ranging from 5 to 100 MW. It will provide dedicated grants to the winners up to a maximum incentivized power of 400 MW.
In this context, Luxembourg will provide the resources, i.e., a voluntary deposit of 40 million euros, while Finland will make its territory available. The two states will share the statistical benefits of renewable Energy generated by the projects supported through the auction for the next 15 years.
The cross-border auction further confirms the EU’s commitment to promoting a more sustainable future for all. Using renewable energy sources can create jobs and promote economic growth, especially in the green technologies and energy efficiency sectors. Moreover, clean Energy reduces greenhouse gas emissions and contributes to the fight against climate change.
Europe is becoming increasingly green and is showing a growing commitment to clean Energy. The EU’s first cross-border photovoltaic auction represents a unique opportunity to fully exploit these benefits and promote sustainable development for the Continent. The auction is essential in demonstrating the EU’s commitment to a more sustainable future and promoting renewable energy sources. In this way, Europe can become a global leader in the fight against climate change and promote a more sustainable future for future generations.
How will the EU’s first cross-border photovoltaic auction work?
The EU’s first cross-border photovoltaic auction is based on an invitation to submit proposals implemented by the European Executive Agency for Climate, Infrastructure and Environment (CINEA). The auction is open to project developers to create new solar plants with a capacity ranging from 5 to 100 MW. It provides dedicated grants to the winners up to a maximum incentivized power of 400 MW.
In this context, Luxembourg will provide resources, namely a voluntary payment of 40 million euros, while Finland will make its territory available. Both will share the statistical benefits of the renewable Energy generated by the projects supported through the bidding process for the next 15 years.
The tender will last for six months, after which CINEA will evaluate the competing offers and identify the winner(s) based on the lowest bid up to the exhaustion of the budget. The selected companies will have to build the plant within 24 months and generate a minimum amount of renewable electricity in the coming years.
Renewable Energy: a great opportunity for Europe
The bidding process represents an excellent opportunity for renewable energy project developers and investors. The winners of the bidding process will receive non-repayable grants, which will cover a significant part of the investment costs. In addition, they will have the opportunity to access the European energy market, which is rapidly growing and offers great opportunities for renewable energy investors.
The bidding process is an opportunity for EU countries to collaborate and share their resources and expertise in the renewable energy sector. The sharing of the statistical benefits of renewable Energy generated by the projects supported through the bidding process for the next 15 years demonstrates the importance of cooperation between European countries to promote renewable Energy and achieve the goals of the European Green Deal.
Cross-border bidding further confirms the EU’s commitment to promoting a more sustainable future for all. Using renewable energy sources can create jobs and promote economic growth, particularly in the green technology and energy efficiency sectors. In addition, clean Energy reduces greenhouse gas emissions and contributes to the fight against climate change.
Europe is becoming greener
Europe is becoming increasingly green, with a growing focus on using renewable energy sources and reducing greenhouse gas emissions.
The EU has set a goal of achieving climate neutrality by 2050, which means that all greenhouse gas emissions should be offset by actions that reduce their impact on the environment.
To achieve this goal, the EU has adopted a series of policies and initiatives that promote using renewable energy sources, such as solar and wind energy. Among these policies and initiatives, the European Green Deal stands out, which is the EU’s plan of action to make it the world’s first low-carbon economy.
The European Green Deal includes a series of actions to promote renewable energy and reduce greenhouse gas emissions. These actions include investments in sustainable energy infrastructure, tax incentives for low-impact environmental activities, and boosting the circular economy.
Furthermore, the EU has set ambitious renewable energy targets, aiming for 32% of the EU’s energy to come from renewable sources by 2030. This target has recently been revised by adopting the “Fit for 55” package, which aims for a 55% reduction in greenhouse gas emissions by 2030 compared to 1990.
First cross-border photovoltaic auction in the EU represents a significant step forward for Europe in promoting renewable energy and reducing greenhouse gas emissions.
benefits of clean energy
The use of clean energy sources brings a range of benefits to the environment, economy, and society as a whole.
The benefits of clean energy include reducing greenhouse gas emissions, creating jobs, reducing energy costs, and promoting energy security.
These are some of the main reasons Energy Communities are emerging throughout Europe, including Italy.
Reducing greenhouse gas emissions is one of the main benefits of using clean energy sources such as solar and wind energy. Renewable energies do not emit greenhouse gases and therefore contribute to the fight against climate change, reducing the impact of human activities on the environment.
The use of renewable energy sources can create jobs and promote economic growth. The renewable energy industry is rapidly growing and offers excellent opportunities for investors and entrepreneurs in the green technology and energy efficiency sectors.
Clean energy can also reduce energy costs and promote energy security. Solar and wind energy are free and unlimited energy sources that do not depend on fossil fuel imports and market price fluctuations. This means that renewable energy can reduce dependence on foreign sources and ensure greater energy security for countries using it.
In addition, the use of clean energy sources can have a positive impact on human health. Renewable energies do not produce air pollution and therefore reduce the effects of human activities on air quality. This can help reduce respiratory illnesses and improve people’s quality of life.
Europe is taking increasingly essential steps that will allow us to achieve great goals for ourselves and the environment.
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