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168 16[2006/2007]4 ULR EUROPEAN CURRENT SURVEY

EIB reviews its financing targets for The European Investment Bank (‘EIB’) has completed a review of its financing targets for
the energy sector energy projects that help to implement the relevant EU policies. The EIB decided to focus
(BEI/06/115) 26 October 2006 on five target areas: large projects; energy efficiency; renewable energies; R&D for energy;
and co-operation on energy outside the EU. EIB energy lending as a percentage of its total
lending in the EU declined from 23 per cent in the 1980s to 9 per cent in the period 2000–
2005. The outcome reflects a general pattern of energy investment in the EU. Outside the
EU, the financing of energy projects represents a larger part of EIB financing in those
countries. The reprioritisation of energy in the EIB’s activities reflects EU policy on climate
change and the renewed tensions in the oil market. According to the new strategy for the
EIB Group, the EIB’s role in the EU should evolve from a universal provider of funds to
becoming a flexible partner acting with more tailor-made products adapted to local market
circumstances and to the needs of its counterparts. In partner countries outside the EU,
the objective is to better serve the development objectives by putting more emphasis on
country and other sector intervention strategies that may involve more risk-taking, coupled
with the greater availability of subsidies and closer co-operation with all relevant actors.

Committee of Regions welcomes EU The Committee of Regions (‘CoR’) has presented its opinion on the European Commission’s
energy strategy, but insists that no Green Paper entitled ‘A European Strategy for Sustainable, Competitive and Secure Energy’.
more legislation should be adopted The opinion emphasises the need to enhance the security of energy supply, diversify energy
(COR/06/120) 13 October 2006 resources, reduce greenhouse gas emissions and promote the renewable energy sector. It
views favourably the Green Paper’s plea to launch an intensive debate on energy policy in
Europe and underlines the importance of developing a long-term EU energy strategy. The
CoR expresses concerns over the inadequate transposition of the Directives on liberalising
the internal gas and electricity market in many Member States. However, it rejects the idea
of setting up new administrative structures such as a European ‘energy regulator’, and
insists instead on improved co-operation between national regulators in order to achieve
the EU’s current energy objectives. Furthermore, the CoR emphasises the pioneering role
of local and regional authorities in this field, pointing to the numerous projects that have
been successfully implemented at local and regional level.

President Barroso and the President The President of the European Commission José Manuel Barroso and the President of
of Azerbaijan sign a Memorandum of Azerbaijan Ilham Aliyev signed a Memorandum of Understanding (‘MoU’) aimed at the
Understanding on energy establishment of an energy partnership between the EU and the Republic of Azerbaijan,
partnership included since 2004 into the European Neighbourhood Policy (‘ENP’). The implementation
(IP/06/1516) 7 November 2006 of the MoU should ensure better integration of Azerbaijan into European energy markets,
strengthening EU energy security and developing a more efficient energy demand
management in Azerbaijan. The MoU on energy is a result of the Commission’s Green
Paper on ‘A European Strategy for Sustainable, Competitive and Secure Energy’, and the
conclusions of the European Council meetings of March and June 2006, which have underlined
the importance of the EU enhancing relations in the energy sector with its main suppliers
and transit countries, as well as extending the principles of the internal market to the ENP
countries.

European Commission welcomes Energy Commissioner Andris Piebalgs welcomed the 2006 World Energy Outlook, presented
IEA’s World Energy Outlook as a by the International Energy Agency (‘IEA’), as a useful tool for the preparation of the energy
useful tool for the development of strategy for Europe. This emphasises the need for strong policy action in the field of energy
the European energy policy on a global scale. It sets out an alternative policy scenario demonstrating that the future of
(IP/06/1540) 9 November 2006 energy can be substantially improved if governments around the world implement ambitious
measures in energy efficiency and in the promotion of carbon-free sources of energy. The
application of these measures could reduce global energy demand by 20 per cent in 2030,
while just a dozen specific policies in key countries, including some in the EU, could account
for 40 per cent of the reduction in global CO emissions. In 2007, the Commission plans to
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present its first strategic EU energy review. This review, announced in the Green Paper for
a Sustainable, Competitive and Secure Energy Policy for Europe, will be the basis for the
development of the new European energy policy.

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