In light of the European Central Bank (ECB)’s interest rates hike expected tomorrow in order to fight record high inflation*, the S&Ds recall the need for a gradual and balanced approach. This is key to avoid mistakes of the past. The focus should always be on protecting the most vulnerable Europeans - those hit hardest by skyrocketing energy and food prices.

Biljana Borzan MEP, S&D vice-president for economic matters, said:

45% of the EU’s energy consumption should come from renewable sources by 2030. That’s the outcome of an agreement reached between the Socialists and Democrats and other political groups during a vote on the Renewable Energy Directive in the European Parliament’s committee on industry, research and energy today.

The S&D Group built a strong majority as the leading negotiating power in the European Parliament’s committee on industry, research and energy (ITRE), where members today adopted their position on the Energy Efficiency Directive. The Socialists and Democrats welcome the legislative proposal in the context of the problems facing the EU, such as the dependency on Russian energy, climate emergency and rising prices of energy resources.