<article><article><article><section><p>Energy analysis: Dr. Martin Weitenberg, partner at Eversheds Sutherland looks at the EU’s <a href="https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12369-Union-renewable-Financing-mechanism" target="_blank" data-sf-ec-immutable="">draft implementing act for financing renewable energy projects</a>, a third option for Member States to meet binding targets for their share of electricity coming from renewable energy.</p><div><span style="background-color:transparent;color:#777777;font-family:inherit;font-size:var(–font-size-h2);text-align:inherit;text-transform:inherit;white-space:inherit;word-spacing:normal;caret-color:auto;">What is the Draft Implementing Act (DIA) seeking to do and to achieve?</span><br></div></section></article></article><section><section><p>The DIA is the Commission’s proposal to establish the Union renewable energy financing mechanism (the mechanism) envisaged in <a data-sf-ec-immutable="" href="https://www.lexisnexis.com/uk/lexispsl/energy/document/412012/6013-31M3-GXFD-81PW-00000-00/linkHandler.faces?psldocinfo=European_Commission_publishes_a_draft_act_for_financing_renewable_energy_projects&linkInfo=F%23GB%23EU_REG%23sect%2532018R1999+AND+Art+33%25section%2532018R1999+AND+Art+33%25&A=0.5950661394929371&bct=A&risb=&service=citation&langcountry=GB" target="_parent">Article 33</a> of Regulation (EU) 2018/1999, the Governance of the Energy Union and Climate Action Regulation. From 2021 onwards, the mechanism shall offer Member States a third option for meeting their individual binding targets for the share of their electricity coming from renewable energy sources under the regime set by <a data-sf-ec-immutable="" href="https://www.lexisnexis.com/uk/lexispsl/energy/document/412012/6013-31M3-GXFD-81PW-00000-00/linkHandler.faces?psldocinfo=European_Commission_publishes_a_draft_act_for_financing_renewable_energy_projects&linkInfo=F%23GB%23EU_REG%23num%2532018R1999%25&A=0.3614197810407547&bct=A&risb=&service=citation&langcountry=GB" target="_parent">Regulation (EU) 2018/1999</a>, the Governance Regulation, and <a data-sf-ec-immutable="" href="https://www.lexisnexis.com/uk/lexispsl/energy/document/412012/6013-31M3-GXFD-81PW-00000-00/linkHandler.faces?psldocinfo=European_Commission_publishes_a_draft_act_for_financing_renewable_energy_projects&linkInfo=F%23GB%23EU_DIR%23num%2532018L2001%25&A=0.4482071405423206&bct=A&risb=&service=citation&langcountry=GB" target="_parent">Directive (EU) 2018/2001</a>, the Renewable Energy Directive (RED II).</p><p>Currently, to meet their renewable energy targets, Member States, in the first place, strive to increase the amount of electricity coming from renewable energy projects in their own territory.</p><p>A second possible way for Member States to meet their individual binding renewable energy targets is through direct cooperation with either other Member States or with third countries. Such direct cooperation may include statistical transfers (as implemented between Luxembourg and Lithuania), joint projects as well as joint support schemes (as set up by Sweden and Norway) or the opening of support schemes (as between Denmark and Germany).</p><p>In each case, direct cooperation has the effect that the generation of electricity from renewable energy sources on the territory of one country i</p></section></section></article>
Source: LexisNexis Purpose Built
European Commission publishes a draft act for financing renewable energy projects
