A group of leading businesses have launched a report calling on the European Union (EU) to raise its renewable energy targets.

Members of The Prince of Wales’s Corporate Leaders Group (CLG) are in Brussels today to appeal to decision makers to back recommendations in its report: 21st century energy: Business reflections on renewables in Europe. The paper is designed to influence the EU’s Renewable Energy Directive being established this year.

The group insists it will be the regions and countries with the most ambitious targets that will attract investment.

Jill Duggan, Director of the Corporate Leaders Group, said: “Leading companies from across Europe are telling us that weak renewables targets hinder investment in cleaner energy, and lack of clarity at Member State level hampers decision-making. What the majority of these companies want is ambitious Member State targets for renewable energy to drive their investment and purchasing decisions. Those countries with the strongest targets will be the most attractive for inward investment.”

A pan-European target of 27% renewable energy by the end of 2030 doesn’t go far enough for the CLG, who want higher and binding targets.

“We need stable and ambitious policies since any uncertainty can hamper or delay corporate investments. This would enable us to realise our investments faster. The EU level can play an important part in increasing the harmonisation of the policies.” the IKEA Group said.

The CLG interviewed leaders from a range of companies to compile its report, including EDF Energy, Eurelectric, GSK, Google, IKEA Group, Interface, LafargeHolcim, Phillips Lighting, and Sappi.