Leading businesses are calling for more ambitious green policies from the EU.
According to a new report from The Prince of Wales’s Corporate Leaders Group (CLG), many companies believe the current renewables directive needs to be reworked.
The CLG, which brings together 24 global businesses employing two million people worldwide, questioned 10 businesses, including BT, GlaxoSmithKline and Philips Lighting.
Many said they were frustrated over a lack of policy enforcement, incoherent frameworks and low ambitions from Member States.
The report highlights concerns regarding the apparent lack of Member State engagement with EU sustainability targets, which aren’t binding at the national level. The firms believe the voluntary targets provide no certainty for investors when significant investment is needed to develop and commercialise technologies to support that goal.
Some companies voiced concerns that the focus for investment opportunities could move to China and the US.
Jill Duggan, Director of the CLG, said: “Companies from a variety of sectors are calling on the European Commission for higher ambition on renewable energy, delivered through a robust framework with strong, visible ownership of the process by Member States.
“The current proposals do not provide investors with sufficient clarity about renewable energy policies in their markets.”