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Assessment of Potential and Promotion of New Generation of Renewable Technologies ____________________________________________________________________________________________ A concern with the funding is the reluctance of the member states to allow the budget to increase beyond 1% of GNI and the excessive interference of member states in its redistribution. It is important that real32 own resources increasingly finance the EU budget to reduce the net balance obsession of member states, which would run counter to the need to allocate funding based on excellence. In fact, a number of proposals exist to finance non redistributive EU policies with direct fiscal resources, while redistributive sources can be financed by a GNI resource. For example, Climate related R&D and also external action could easily be covered by an existing European financial instrument, namely the ETS. Linking ETS revenues with expenditures clearly earmarked to climate related investments would increase the transparency and accountability of the EU budget. The ETS can have a double influence on the future of renewables; one is the potential use of the revenues to finance the renewable sector, including innovation. The other is through the changes in relative prices with fossil fuels, which become more expensive with the ETS. For the ETS to become a proper resource and have the desired effect, the carbon price has to increase considerably. The ETS has not had much impact until now due to low prices and excessive free allocations of emissions. The strengths and weaknesses of the ETS can be read in [Egenhofer C. 2009]. The revised ETS should be able to redress the situation. By imposing a Europeanwide cap on emissions with linear reductions, the carbon price will increase for the sectors covered by the ETS. The effect translates in 2020 into a estimated overall yearly revenue of €30 billion at a price of €30 per ton of CO2 emissions with 50 auctioning. These revenues could become a central funding source for EU climate related expenditures. Nevertheless, even with the limited revenues of today, ETS could today easily cover the costs of all the EU public funding requirements of the EU and member states for R&D, which in total could amount to €3 to €4 billion yearly. There are good arguments to reinforce the ETS, increase the price and introduce more auctioning from 2013. The economic recession has affected the rate of investment in renewables, due to the economic downturn but also due to a falling price of oil. The competitiveness of renewables has been affected by this price fall. Without a clear policy sign towards renewables the emissions and renewable targets may not be reached. Nevertheless, the ETS is not the only possible new EU own resource. Finding new real own resources for the EU budget is an old debate, and the most recent and comprehensive study of different options was produced by the European Commission in 2004. The publication did not mention the ETS as a source of revenues, but one of the many proposals was the introduction of a carbon tax for fuel, which de facto could cover areas not touched by the ETS from road fuel to aviation. None of the proposed resources made much advances in the Council. The carbon tax on energy consumption, however, is returning to the debate since the failed attempt in France of introducing such a tax after the courts ruled that the tax incorporated too many exemptions for large polluters and thus was inequitable. A tax at European level could be addressing this, as it would address some of the competitiveness concerns which created those loopholes in the first place. 32 Own Resources for the EU budget are considered real if directly levied and attributed to the EU budget, such as the Common Customs Tariff. GNI contributions are also officially Own resources, but are not considered real, as those are not directly collected from taxes attributed to the EU budget. IP/A/ITRE/ST/2009-11 & 12 97 PE 440.278PDF Image | Policy Department Renewable Technologies
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