The European Commission has presented its first energy initiatives to boost investments in clean energy solutions produced domestically, strengthen resilience and lower energy prices. The reason for all of this is quite clear: Europe's dependence on fossil fuel imports is a risk in current geopolitical context, as reported by STT.
The EU's strategy on small modular reactors sets out how EU countries that use this technology, such as Finland, can start operating their first SMR plants in the early 2030s. The strategy will support industry by accelerating the development and deployment of small reactors, in particular through the European Industrial Alliance for SMRs. The Commission is considering providing an additional €200 million from the Innovation Fund to the InvestEU programme until 2028. This will allow the EU to support the deployment of the first commercial units of innovative nuclear technologies through risk-sharing guarantees.
According to the Commission, Europe needs to fundamentally transform its energy system and infrastructure. The Clean Energy Investment Strategy will bridge the gap between the private capital currently available and the investment needed. The European Commission is implementing this strategy in close cooperation with the European Investment Bank Group, which will support the clean energy transition with over €75 billion over the next three years.
After saying all of this, the European Commission makes it clear, that Europe's energy system must also serve its citizens. In other words, it must provide citizens with more affordable energy and support the most vulnerable consumers. This is why the Citizens' Energy Package aims to give concrete proposals on how to reduce energy bills.
The world is changing, and we clearly must change with it.