Urgent investment in renewables needed, say EU energy ministers
Ministers from the EU27 began a two-day visit to Stockholm on Monday for a two-day event to discuss the future of energy and transport.
Huge investments are going to be needed if the European Union is to achieve its renewable energy plans.
That's the main message being shared among EU energy ministers at a two-day meeting in Stockholm that kicked off on Monday.
Talks also centered on shoring-up energy supply and reforming the electricity market.
After the first day of talks, ministers stressed the need for more fossil-free electricity and the importance of developing better infrastructure such as charging points for cars and other vehicles.
"Many ministers highlighted that need for more and cheap fossil-free electricity in place for industrial competitiveness," says Ebba Busch, Sweden's Deputy Prime Minister and Minister for Energy. "Regarding e-mobility, sustainable biofuels, and electro-fuels we seem to agree that we need all solutions and let market mechanisms develop the most cost-efficient alternatives."
She added: "Let me end by reminding everyone that we will need significant investment to go from ambition to reality. Our assessment before the green deal showed investment needs for the vehicles and the infrastructure needed for low-carbon mobility to be around €130 billion per year."
Day two of meetings will kick off on Tuesday, which will build on Monday's parallel sessions on energy and transport continuing. Ministers will discuss the future energy policy for industrial competitiveness in all member states.