Bankwatch policy comments on the European Commission's stock taking document: Towards a new energy strategy for Europe 2011-2020

Bankwatch's comments on the European Commission's DG Energy's document "Towards a new energy strategy for Europe (TESE)" emphasise the following priorities for EU public financing that should be incorporated into a new energy strategy:

1. The EU Energy Strategy needs to centre on energy efficiency measures and unlock energy savings potential by setting clear and adequate targets and pursuing reform of its policy and funding instruments.
2. EU external energy policy needs to integrate the overarching objectives of the EU defined in the Treaty and other EU policies: sustainable development, environmental and biodiversity protection, including long-term climate goals, promotion of human rights and development in the countries of the Global South
3. The new Energy Strategy needs to give clear policy objectives and funding priorities for EU funding in the framework of Structural and Cohesion Funds as well as loans from the European Investment Bank. In the energy sector they need to concentrate on energy efficiency and renewables subsequently phasing out the economy based on fossil fuels and nuclear energy.