At a time when cleantech is emerging as a strategic solution to three of the EU’s most pressing challenges – decarbonization, energy security (including defence preparedness), and economic competitiveness – a high-level roundtable titled “Unlocking Innovation: Strategies for Deployment and Financing in the EU Context” was held on 25 March at the European Parliament, with strong participation from stakeholders across Southeast Europe.
The event was hosted by Bulgarian MEP Radan Kanev and organized in collaboration with EERA – The European Energy Research Alliance and the Net-Zero Lab at Sofia University St. Kliment Ohridski. Mariya Trifonova, Deputy Director of Net-Zero Lab, moderated the discussion, which focused on industrial transition, accelerating innovation, and ensuring effective financing for the climate transformation.
Key points from the discussion included:
• To achieve its climate goals by 2050, the EU needs an additional €340–477 billion annually.
• Between 30% and 60% of the necessary funds must come from public budgets.
• There is a need to integrate the “efficiency first” approach into the EU budget to attract sufficient private investments to fill the climate investment gap.
• High electricity prices in the EU are not due to inefficiencies in energy systems, but because 60% of the energy is imported and comes from fossil fuels.
• Wind technology in Europe is at a stage comparable to PV in 2008, when Europe was the global leader before China took over – a shift now repeating itself in the wind sector.
• Around €11 trillion in bank deposits remain idle. The EU must create mechanisms to mobilize this capital to support technological innovation.
• Investments in the transition from fossil fuels to renewables are increasingly driven by security concerns, not just climate objectives.
• There is a significant disconnect between industry and R&I in Europe, where public and private funding amounts to only 2.2% of GDP, whereas in South Korea it reaches 5%.