The EU is set to encourage more collective financing of renewable energy projects among its 27 member states after opening consultation over a new mechanism.
The scheme would allow EU nations to reap ‘statistical benefits’ towards their green targets by contributing to a European Commission-run fund that would back renewable projects in other states.
In practice that could see EU nations with limited renewable resources indirectly investing in developments in less affluent, but wind- or solar-rich states, with the commission handling all the arrangements on behalf of the particpants.
