Every day the EU spends almost a billion Euros on oil imports. This is because the continet has no internal supplies of oil and consequently it must important more than half of its domestic energy requirements.
Increasing energy independence is good for the European economy and, to the extent that new sources of energy are renewable, good for the environment.
To wean the continent off of fossil fuels, the cost of pollution must be factored and subsidies should be terminated.
In the last five years the Climate and Energy Package has secured a sustained expansion of renewable energy whch has supported the growth of renewables and job creation.
Despite these bright spots, the carbon credit program is in serious disarray and a number of governments are abandoning support for renewables. This is putting the continent's 2020 goals in doubt.
Investors have taken note and in 2012, investments in renewable energy fell by 51 percent in Italy and by around 68 percent in Spain.
Europe urgently needs to remove barriers and establish new policy initiatives in particular readjustments to the carbon credit market.
To achieve ambitious emission reduction targets and reach bold renewable energy targets Europe needs a new framework for its climate and energy policy.
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