Electrification is recognised as a decisive decarbonisation vector by the European Commission’s Technical Expert Group on Sustainable Finance (TEG). Their final report, published on 9 March, provides essential recommendations on the elaboration of an EU-wide taxonomy for the identification of environmentally sustainable activities.
As discussions on the implementation of the Taxonomy Regulation advance, Eurelectric calls on the EU Commission to:
- ensure that the assessment of technologies also considers security of supply, in particular as the system evolves towards higher shares of variable renewable energy sources
- ensure that private investors have a clear view on activities considered to enable cost-efficient greenhouse gases emissions reductions,
- further refine the standards used for the life cycle assessment of electricity production,
- ensure that criteria proposed for electricity transmission and distribution grids reflect the evolution of the energy system. They should in particular avoid making the transformation of those systems that have a different starting point more difficult,
- include pumped storage in the electricity storage eligible activities,
- proceed as soon as possible with the set-up of an expert group on nuclear electricity.
Eurelectric is committed to take an active role in the upcoming Platform on Sustainable Finance, by providing the necessary technical insight from the electricity industry.
Read here Eurelectric’s first assessment on Technical Expert Group report on Sustainable Finance.