EU seeks $1.4 trillion push for energy infra

BRUSSELS: European Union regulators urged EU governments to hasten approval of “strategic” energy projects and pledged measures to spur e1 trillion ($1.4 trillion) of infrastructure investment needed over the next decade.

The European Commission, the 27-nation bloc’s regulatory arm, called for simpler and shorter authorisation procedures for constructing and funding electricity and natural-gas projects. The commission also vowed to come forward in 18 months with legislative proposals on market integration and energy savings as part of goals to bolster supply and curb pollution blamed for climate change.

“Putting our energy system onto a new, more sustainable and secure path may take time but ambitious decisions are needed now,” said EU Energy Commissioner Guenther Oettinger on Wednesday. “To have an efficient, competitive and low-carbon economy we have to Europeanise our energy policy and focus on a few but pressing priorities.”

The EU, that is 50% dependent on energy imports, wants to expand power and gas networks and reduce emissions of pollutants such as carbon dioxide that are blamed for climate change and come mainly from burning fossil fuels. The bloc aims to cut energy use 20% by 2020.

To promote energy savings, the commission will propose investment incentives and “innovative financial instruments” that would help house owners and companies finance renovation, according to the statement.

EU governments have been sparring for years, over how far to go in ceding national energy powers for authorities at European level.