Eight European companies are calling for a strong 2030 EU climate and energy framework based on mutually reinforcing tools and targets, including an ambitious and legally binding target for the share of renewable energy in the energy mix of more than 30 percent. Collectively, the group represents 176,000 jobs and over EUR250 billion annual turnover and is providing cleaner generation technologies, equipment and energy to more than 70 countries worldwide.

According to the group, Europe must remain on the path it has chosen. The energy sector has long investment cycles, and investment decisions in the EU’s liberalised energy markets need as much policy certainty as possible. The group also says the key to minimizing costs is a stand-alone, stable and predictable 2030 framework with an ambitious binding renewables target alongside an ambitious binding greenhouse gas reduction target and a robust CO2 price.

“Mutually reinforcing and coordinated targets will significantly minimise uncertainty, lower investment risk, reduce the costs of capital and hence the level of additional financial support needed,” the group writes in a statement. “This framework will help Europe’s competitiveness by driving innovation and technological leadership, and job creation. It will bring down our energy and electricity bills, and help remove the need for renewable energy support in future. It will help ensure a reliable, low-cost supply of clean energy for Europe’s citizens and industry.”

In addition, the group call for a need to reduce energy prices and risks, a fair market, and the need for a coherent overall energy system. Finally, they say, this change will not be possible without a true European market.

“The European single energy market must be rolled out and all efforts should be made to finalise the deployment of vital transnational networks and power exchange mechanisms whilst ensuring the viability of the other parts of the energy system. In this way Europe will maximise its consumption of clean renewable energy, reduce its enormous energy dependence and reduce energy prices for Europe’s citizens,” the statement concludes.