EU Support for Clean Energy Amid Banking Turmoil: State of the Union

EU Support for Clean Energy Amid Banking Turmoil: State of the Union

The bankruptcy of Silicon Valley Bank in California has sent shock waves throughout the financial sector in Europe, serving as a wake-up call that the industry is not immune to the sharp rise in interest rates. The change in interest rates has created a new environment, according to Commissioner for Economic Stability Mairead McGuinness, and the higher inflation and rising interest rates pose different challenges to stability finance than low rates for a long time.

To combat these challenges and promote the growth of cleaner technology, the president of the Commission Ursula von der Leyen is pushing for more European investment in clean technology. The wind energy sector is a prime example of this push, with Brussels providing grants to help reform the oldest wind farms and promote more sustainable practices, such as fully-recyclable wind turbine blades.

Giles Dickson, CEO of WindEurope, voiced support for the Brussels grants and stressed the need for national governments to reward the value of European supply chains in this increasingly sustainable sector. Though the aid may be less generous than that of the United States, Dickson notes that the European Union does not set taxes.

Lastly, even seniors in Vienna are getting in on the push for sustainability by making their own beer. This serves as a reminder that every individual can make a positive impact on the environment and encourages everyone to do their part.

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