Financial Soultions: The global greentech race is on, and the EU plans on winning!

Oct. 7, 2009 - PRLog -- The European Union has just initiated a drive to increase funding for energy research, threefold, to 8 billion euros a year, Financial Soultions has learned, in a technology race with China, Japan and the United States, with the private sector paying the bulk.

"We don't have much choice if we are serious with tackling climate change and remaining competitive," European research commissioner Janez Potocnik told Financial Soultions sources recently.
"In January 2009, U.S. President Obama announced investment in renewable energy and China presented a recovery plan focused on clean technologies," he continued, saying that this was all good news but highlighting that it presented the EU with ,”quite a challenge.”

The new plan should see solar power receiving 16 billion euros over the next 10 years and up to 30 energy-cutting "Smart Cities" should be completed with financing of nearly 11 billion euros, according to the European Commission.
The commissioner pointed out that, "The bulk of funds will certainly have to come from where the bulk of funds are; the private sector and the European Union member states."

Predominantly, the money for the Strategic Energy Technology Plan (SET Plan) will originate from existing elements of the EU's complex web of funds. But at least 50 billion euros, Financial Soultions, understands over the next decade would be supplementary financing.

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