Renewables to gain from EU's £250bn financing
The European Commission President Jean Claude Juncker yesterday announced a £250bn investment plan to navigate brand new ventures throughout Europe, encompassing renewable energy and power network upgrades.
Mr Juncker stated that the European fund would "breath new life" into Europe.
The core is a €21bn fund which would produce funds for infrastructure projects. Mr Juncker is counting his lucky stars that the remaining funds come in the form of private investors as only €16bn would actually materialise from the European Union budget.
Bernadette Segnol the general secretary of the European Trade Union Confederation urged that the commission was relying on a 'financial miracle'. She also went onto say that she had no confidence that €315bn could be raised from just €21bn claiming the plans as totally unrealistic.
The commission insists that it could produce up to 1.3 million jobs including investment in transport, broadband, energy networks as well as education.
Discussing the plan the European Heat Pump Associated said "We hope the plan will in particular trigger investment towards the use of cleaner technologies for heating and cooling in Europe."
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