Page 42 - European Energy Innovation - spring 2020 publication

42 Spring 2020 European Energy Innovation

FINANCING THE RENOVATION WAVE

Louise Sunderland from the Regulatory Assistance Project at Renovate Europe Day 2019 presenting the
research on recycling of carbon revenues for energy efficiency. Photo: ©Simon Pugh Photography

2030 in the Czech Republic alone, out across the EU as part of the When the Member States come to
ETS revenues of €4-7bn could deliver Renovation Wave, the impacts would roll out their Renovation Waves, I
€12-21bn of investment in renovation. be exponential. hope that they will use their carbon
revenues to finance them! l
An evaluation of the broader benefits Conclusion
of these investments found that The ambition of the European Green
for each €1m of State investment, Deal may have taken some by
a return to public budgets of €0.97 surprise and they may believe that
to 1.21m accrued through income the ambition cannot be achieved
tax paid by companies and their because adequate financial resources
employees, lower costs to social cannot be found to meet the
and health insurance, and reduced ambition. As can be seen from this
payout of unemployment benefits. In article, there are innovative ways to
parallel, the expenditure induced GDP finance elements of the Green Deal –
growth of between €2.13 and 3.39m. such as the Renovation Wave – that
will simultaneously help the Green
Ultimately, the evaluation shows that Deal to succeed and spread benefits
all of these benefits to public budgets to society at large.
and the economy were achieved
while reducing CO2 emissions far Contact information
beyond what could have been done Rond Point Schuman 6, 8th Floor, 1040 Brussels, Belgium
by using the same money to abate Tel: +32 2 639 1011
CO2 in power markets. Email: adrian.joyce@euroace.org

If similar programmes were rolled

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