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Policy Department A: Economic and Scientific Policy ____________________________________________________________________________________________ The absence of any fuel tax at the moment also means that such a fiscal resource would be additional and not based on a share of an existing tax. This inevitable will hit the profitability of airlines and could thus face considerable resistance, although public perception on fuel taxation is shifting. Using real own resources based on carbon taxes to fund climate and energy related expenditures, such as the SET-Plan, would increase the EU budget’s transparency, improve its logic and partially separate the net balance disputes from these expenditures. It is clear, however, that due to the simplicity of calculating the “national” contributions, be it though direct or indirect fiscal resources of the EU, it is unlikely that disputes on the distributional effects will be avoided. The case of the fuel tax is a clear example. It is very important to keep net balance considerations at bay. High level research in energy is unevenly distributed across Europe, and it is important to avoid EU funding for R&D to be based on any other criteria than excellence and results. 3.4.1. The EIB’s role in funding energy R&D Finding and securing private funding sources for Research, Development and Innovation (RDI) can be difficult due to the high risk nature of projects. In particular, the complexity of the technologies, the difficulty to retrieve, analyse information or assess the value and potential of these technologies, as well as the lack of maturity of the markets create high risks conditions & obstacles for the private investment sector.37 The European Union has developed innovative financing mechanisms with the EIB to secure private funding, leverage investment and contribute to cover part of the risks & difficulties linked to the investment in RDI projects and products. The guarantees provided by the European Union (EU) and European Investment Bank (EIB) funds in PPP PPPs are seen as a way to boost investment from the private finance sector, acting as the appropriate catalytic tool to share the risk and close the funding gap. The EU & EIB funds invest in RDI using PPP which confers the EU the ability to capture private finance in technologies & areas where the risk is high and the return on investment long. The EIB is playing a key role in financing Europe ambitious strategy for energy and climate change. In the framework of the European Economic Recovery Action Plan, the EIB has increased its lending target in the energy field to €9.5bn in 2009 and €10.25bn in 2010.38 In particular, the renewable energy sector is considered as a top priority by the EIB, committed to dedicate at least 20% of its energy lending to renewable energy projects.39 As such, the EIB provided €2.3 billion funding for renewable energy projects in 2008. The guarantees provided by EIB funds in PPP are financial: specific loans or guarantees mechanisms, such as the Risk Sharing Financing Facility (RSFF) or the Marguerite fund. Guarantees can also be political in the sense that EU and EIB funds integrated in a project will strengthen its financial profile and raise its ability to attract additional funding. The policy and regulation contexts always play a key role in the decision of the private finance sector to assess the viability of an investment project.40 37 COM (2009) 519 Final of 07 October 2009 - Communication from the Commission « Investing in the Development of low carbon technologies (SET-PLAN) 38 SEC (2009) 1297 of 07 October 2009, Commission Staff Working document 39 Europolitics article of 14 December 2009, “ Towards a low carbon future” 40 Unep, Sefi, Bloomberg New Energy Finance and Chatham House – December 2009 « Private financing of Renewable Energy : a guide for policy makers ». IP/A/ITRE/ST/2009-11 & 12 100 PE 440.278PDF Image | Policy Department Renewable Technologies
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