Following on from its latest report, the High Level Group on Competitiveness, Energy and the Environment has called for long-term investment in power generation and energy efficiency, and increased international cooperation.

The High Level Group (HLG) has adopted its second report, which looks at the long-term energy future for Europe and investment in power generation and energy efficiency. It includes a number of recommendations on how policy options can be developed to deliver a sustainable, low carbon, and competitive energy system for Europe’s future.

One of the main conclusions of the second HLG report was that greater long-term investment in power generation and energy efficiency is needed. The group has called on the EU and member states to build a comprehensive evidence-based energy strategy for its future driven by the need to ensure competitiveness, fight climate change and ensure that a coherent approach to security of energy supply is taken.

This approach, the HLG says, should include long-term greenhouse gases and CO2 emissions reduction targets, as well as defining and regularly updating EU-wide objectives regarding the contributions energy efficiency and a shift towards zero and low carbon sources could make to the strategic goals of the EU energy policy.

The HLG has also called on the Commission and member states to take further action to engage major emitters worldwide in the climate change challenge, through a series of complementary actions including cooperation on technology development and deployment.

The Commission should also build further agreements and strengthen international cooperation to create further access to resources and developing innovative technologies, the group concluded. It also said that the EU should undertake technology cooperation with developing countries.

Finally, the HLG has called for a strategic European Energy Technology Programme focusing on technologies that need an ambitious funding program to accelerate technology deployment, such as the setting up of a joint technology initiative on renewables or carbon capture and storage.

To help encourage technology deployment, the Commission should also look at new risk and revenue-sharing tools that can be put on offer by the banking sector, the HLG said.

In addition to highlighting the report’s conclusions, the HLG also revealed that it has set up two ad hoc groups to analyze innovation and technology perspectives in energy intensive industries and the impacts of environmentally harmful subsidies.