European Commission Calls for Massive Renewable Energy Investment
Hoping to break its reputation as a low-innovation zone, the European Commission is recommending that the area spend almost 8 billion euros yearly between 2010 and 2020 on renewable energy technologies, raising its competitiveness with the United States and Asia. The EU is coming in behind similar efforts from its two major competitors, the US and China. In the US, the recession provided an excuse to pump a massive amount of stimulus funding into the renewables industry. China has spent less on a dollar-for-dollar basis, but has numerous policies to encourage growth in cleantech companies with high R&D budgets. For the moment, it’s just a recommendation, but the EU is undoubtedly feeling the competitive pressure. Reuters has the full breakdown,…
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