Public finance is increasingly being used to de-risk clean-energy investment, mobilise private capital and strengthen Europe’s energy infrastructure
公共财政正持续为清洁能源投资降低风险、撬动社会私人资本，并完善欧洲能源基础设施建设
Introduction
Europe’s energy transition is entering a phase in which investment capacity is becoming as important as technological development. Decarbonising the energy system requires not only renewable generation and cleaner technologies, but also modern electricity grids, energy storage, hydrogen infrastructure, energy efficiency, industrial decarbonisation and new financing mechanisms.
According to the European Parliamentary Research Service (EPRS), the European Union’s energy transition requires investment at an unprecedented scale. The European Commission estimates that approximately €660 billion of investment will be required annually until 2030, increasing to around €695 billion per year between 2031 and 2040. By comparison, investment in clean energy, buildings’ energy efficiency and grids reached approximately €480 billion in 2025.
This gap highlights the strategic role of public finance. Rather than replacing private investment, EU funding programs increasingly seek to reduce investment risks, improve project bankability and mobilise institutional and private capital.
The result is an evolving European financing architecture in which climate policy, energy security, industrial competitiveness and infrastructure development are increasingly interconnected.
引言
欧洲能源转型已迈入新阶段，投资承载力的重要性与技术研发并驾齐驱。能源体系脱碳，不仅需要可再生能源发电设施与清洁技术，还离不开现代化电网、储能配套、氢能基础设施、能效提升改造、工业脱碳方案，以及全新投融资机制作为支撑。
据欧洲议会研究服务局（EPRS）数据，欧盟能源转型所需投资规模史无前例。欧盟委员会测算：2030 年前，每年需投入约 6600 亿欧元；2031 至 2040 年，年度投资需求将增至约 6950 亿欧元。反观 2025 年，清洁能源、建筑节能与电网领域实际投资额仅约 4800 亿欧元。
巨大的资金缺口凸显了公共财政的战略价值。欧盟各类资金项目并非替代私人投资，而是重在降低项目投资风险、提升项目可融资性，进而撬动机构资本与民间社会资本。
在此背景下，欧洲投融资体系持续迭代完善，气候政策、能源安全、产业竞争力与基础设施建设四大板块的关联度不断加深，形成联动发展格局。
Energy Transition Requires a New Investment Model
The transformation of Europe’s energy system is driven by three interconnected priorities:
• reducing greenhouse-gas emissions in line with the EU’s 2030 and 2050 climate objectives;
• lowering energy costs and supporting industrial competitiveness;
• reducing dependence on volatile imported fossil fuels amid geopolitical uncertainty.
Around 57% of available energy in the EU still comes from largely imported fossil fuels, at a cost of approximately €375.9 billion in 2024. At the same time, the electrification of final energy consumption is currently around 23%, while the Clean Industrial Deal identifies a target of 32% electrification by 2030.
The transition therefore extends beyond renewable-energy deployment. Electricity grids need substantial expansion and modernisation to accommodate growing electrification. The EPRS estimates that investment needs for EU electricity grids alone could reach €1.2 trillion by 2040, while hydrogen networks could require approximately €240 billion.
The financing challenge is consequently becoming a central element of the energy transition.
A clean-energy project may generate significant environmental and socioeconomic benefits while still presenting substantial commercial risks. EU funding mechanisms seek to bridge this gap by providing grants, guarantees, loans, technical assistance and other forms of risk-sharing.
This creates a financing model in which public resources function as a catalyst for private investment, rather than simply as direct project expenditure.
欧洲能源体系变革由三大相互关联的核心目标驱动：
• 依照欧盟 2030、2050 气候目标削减温室气体排放；
• 降低用能成本，保障产业竞争力；
• 在地缘政治动荡背景下，减少对波动较大的进口化石能源依赖。
欧盟当前约 57% 的能源供给仍依赖大量进口化石能源，2024 年相关支出达 3759 亿欧元。与此同时，终端能源消费电气化率目前仅 23%，而《清洁产业协议》设定 2030 年电气化率目标为 32%。
由此可见，能源转型不只是落地可再生能源项目。伴随电气化水平持续提升，电网亟需大规模扩容与现代化改造。欧洲议会研究服务局测算，至 2040 年仅欧盟电网投资需求就高达 1.2 万亿欧元，氢能管网建设则需约 2400 亿欧元。
因此，资金筹措难题已然成为能源转型的核心制约因素。
清洁能源项目虽能带来显著环境效益与社会经济效益，却往往伴随较高商业风险。欧盟各类融资工具通过提供补贴、担保、贷款、技术支持及其他风险共担方式，弥补收益与风险之间的落差。
这套投融资模式的核心逻辑是：公共资金充当撬动私人投资的催化剂，而非单纯直接为项目买单。
A Diversified EU Funding Architecture
The EU currently supports the energy transition through a combination of instruments operating inside and outside the Multiannual Financial Framework (MFF).
Key mechanisms include:
• Connecting Europe Facility (CEF) for cross-border energy infrastructure;
• LIFE – Clean Energy Transition (CET) for market development, coordination and local implementation;
• Recovery and Resilience Facility (RRF) for national reforms and investments;
• InvestEU for mobilising private and public capital;
• Strategic Technologies for Europe Platform (STEP) for strategic clean technologies and industrial capacity;
• Modernisation Fund and Innovation Fund, financed through EU Emissions Trading System revenues;
• Clean Industrial Deal State aid framework (CISAF) for national support measures;
• Cohesion Policy and the Just Transition Fund (JTF) for regional transformation;
• Social Climate Fund for vulnerable households and businesses;
• Horizon Europe for research and innovation.
This diversity reflects the fact that the energy transition involves different stages of development—from research and technology demonstration to infrastructure construction, industrial deployment and social adaptation.
多元化欧盟投融资体系
欧盟当前依托多年度财政框架（MFF）内外多类工具协同发力，为能源转型提供资金支持。
核心资金机制包括：
• 欧洲互联互通基金（CEF）：用于跨境能源基础设施建设；
• 环境行动计划 —— 清洁能源转型专项（LIFE-CET）：赋能市场培育、多方协同与地方落地实施；
• 复苏与韧性基金（RRF）：支持各成员国结构性改革与配套投资；
• 欧盟投资计划（InvestEU）：撬动公私资本协同投入；
• 欧洲战略技术平台（STEP）：扶持战略性清洁技术与产业产能建设；
• 现代化基金、创新基金：资金来源于欧盟碳排放交易体系收益；
• 清洁产业协议国家援助框架（CISAF）：规范成员国配套扶持政策；
• 凝聚政策及公正转型基金（JTF）：助力区域绿色转型；
• 社会气候基金：帮扶弱势家庭与中小经营主体；
• 地平线欧洲计划（Horizon Europe）：聚焦前沿科研与技术创新。
多元资金工具覆盖能源转型全发展周期：从基础科研、技术示范，到基建落地、产业规模化应用，再到社会层面适配调整，全方位匹配各阶段需求。
Infrastructure, Innovation and Industrial Deployment
Connecting Europe Facility
The Connecting Europe Facility (CEF) is particularly important for energy infrastructure. Its energy window supports cross-border networks under the Trans-European Networks for Energy framework and aims to reduce investment risks while mobilising private capital.
For 2021–2027, €5.84 billion is allocated specifically to energy networks within the wider €33.7 billion CEF II envelope. The European Commission has proposed an overall CEF envelope of €81.4 billion for 2028–2034, including €29.9 billion for cross-border energy projects.
Demand is already exceeding available funding. By early 2025, applications had oversubscribed available CEF call budgets by approximately 3.8 times.
This indicates that infrastructure investment demand is growing faster than available public support.
LIFE Clean Energy Transition
While CEF focuses strongly on infrastructure, the LIFE Clean Energy Transition program (LIFE CET) addresses non-technological barriers.
With nearly €1 billion available during 2021–2027, LIFE CET supports policy development, technology deployment, digitalisation, new business models, skills, private-finance mobilisation and local investment projects.
Between 2021 and 2024, the program mobilised more than €820 million in clean-energy investments and private finance. It also supported more than 500 energy communities and trained nearly 50,000 professionals through BUILD UP Skills.
Innovation Fund and STEP
At the technology and industrial level, the Innovation Fund focuses on the commercial demonstration and scaling of innovative low-carbon technologies, including hydrogen, energy storage, renewable energy, energy-intensive industries and carbon capture, utilisation and storage.
Its projected budget for 2020–2030 is approximately €40 billion, based on an assumed carbon price of €75 per ton, with around €15 billion already awarded to approximately 260 projects.
Meanwhile, STEP seeks to strengthen Europe’s manufacturing capacity in strategically important technologies, including clean technologies, digital technologies and biotechnology. It channels resources from multiple EU programs and has mobilised approximately €6.3 billion through cohesion projects and around €9.5 billion through centrally managed EU Commission calls.
Together, these instruments illustrate a broader policy direction: supporting not only the deployment of clean energy, but also the industrial capacity and technological ecosystems required to scale it.
基建、创新与产业落地
欧洲互联互通基金（CEF）
欧洲互联互通基金（CEF）在能源基础设施领域发挥着尤为关键的作用。其能源专项窗口依托泛欧能源网络框架支持跨境能源管网与电网建设，旨在降低投资风险、撬动私人资本参与。
2021—2027 周期内，CEF 二期总预算 337 亿欧元，其中专项划拨 58.4 亿欧元用于能源网络建设。欧盟委员会已提议，2028—2034 周期 CEF 整体预算提升至 814 亿欧元，其中 299 亿欧元将投向跨境能源项目。
当前市场需求已远超现有资金供给。2025 年初，各批次 CEF 申报项目总申请资金规模达到当期可用预算的约 3.8 倍。 这一现象说明，基础设施投资需求的增速已超过公共配套资金的供给增速。
环境行动计划 — 清洁能源转型专项（LIFE CET）
CEF 侧重硬件基建，而 LIFE 清洁能源转型专项主要攻克非技术性转型壁垒。
2021—2027 年该专项资金规模近 10 亿欧元，用于扶持政策完善、技术推广、数字化改造、创新商业模式、人才技能培育、撬动社会资本及地方能源投资项目。 2021 至 2024 年间，该专项已撬动超 8.2 亿欧元清洁能源私人投资；扶持建成 500 余个社区能源项目，并依托 BUILD UP 技能培训体系，累计培训近 5 万名行业专业人才。
创新基金（Innovation Fund）与欧洲战略技术平台（STEP）
在技术研发与产业落地层面，创新基金（Innovation Fund）聚焦低碳创新技术的商业化示范与规模化推广，覆盖氢能、储能、可再生能源、高耗能产业、碳捕获、利用与封存（CCUS）等赛道。
按照 75 欧元 / 吨的碳价测算，2020—2030 年创新基金总预算预计约 400 亿欧元，目前已有约 150 亿欧元资金分配至 260 个示范项目。
与此同时，欧洲战略技术平台（STEP）致力于夯实欧洲关键战略技术制造产能，涵盖清洁技术、数字技术、生物科技领域。该平台统筹整合欧盟多项计划资金，通过区域凝聚项目撬动约 63 亿欧元社会资金，通过欧盟委员会统一申报项目募集约 95 亿欧元资金。
综合上述各类资金工具，欧盟清晰传递出顶层政策导向：不仅推动清洁能源项目落地，更同步配套培育支撑产业规模化发展的制造产能与完整技术生态。
Mobilising Private Capital
One of the most important developments in EU energy-transition financing is the growing emphasis on leveraging private investment.
InvestEU
InvestEU provides a €26.2 billion EU budget guarantee, with the objective of mobilising at least €372 billion in additional investment. By mid-2024, approximately €280 billion had already been mobilised, with nearly 70% of signed investment volume coming from the private sector.
This demonstrates how public guarantees can help transform projects that may initially be considered too risky into investment opportunities capable of attracting private capital.
Clean Energy Investment Strategy
In March 2026, the European Commission launched a Clean Energy Investment Strategy to mobilise additional private investment in clean energy.
The strategy will benefit from €75 billion in European Investment Bank financing over three years and focuses on four areas:
1. improving electricity-grid operators’ access to capital markets;
2. increasing banks’ lending capacity for grid investment;
3. using targeted public funding to de-risk innovative clean-energy and energy-efficiency investments;
4. establishing an Energy Transition Investment Council involving the investment community.
The direction is significant. Public finance is increasingly being positioned not as the final source of capital, but as an investment multiplier.
For energy-transition projects, the ability to demonstrate bankability, manage technological risk and establish credible long-term revenue models can therefore become as important as access to grants themselves.
撬动私人资本
欧盟能源转型融资领域最重要的发展趋势之一，便是愈发重视撬动私人投资。
欧盟投资计划（InvestEU）
InvestEU 配套欧盟预算担保资金 262 亿欧元，目标撬动至少 3720 亿欧元增量投资。截至 2024 年年中，该工具已累计撬动约 2800 亿欧元投资，已签约投资规模中近 70% 来自私人部门。 这充分证明，公共担保能够化解项目初期较高的风险属性，使其转变为具备吸引力、可吸纳民间资本的优质投资标的。
清洁能源投资战略
欧盟委员会于 2026 年 3 月推出清洁能源投资战略，旨在进一步引导私人资本流向清洁能源领域。 欧洲投资银行将在三年内为此配套 750 亿欧元融资支持，战略重点聚焦四大方向：
1. 拓宽电网运营企业进入资本市场的融资渠道；
2. 提升银行对电网项目的信贷投放能力；
3. 通过定向公共资金，为创新清洁能源、能效提升类投资缓释风险；
4. 组建能源转型投资委员会，吸纳各类投资机构共同参与。
该政策导向意义重大：公共财政不再作为最终资金来源，而是发挥投资杠杆放大效应。 因此对能源转型项目而言，具备可融资资质、管控技术风险、搭建可持续可信的长期收益模式，其重要性不亚于获取补贴资金本身。
The Regional and Social Dimension
The energy transition is also a territorial transformation.
Cohesion Policy provides €392 billion for 2021–2027 and supports energy efficiency, renewable energy, smart energy systems, grids, storage, sustainable transport, employment and skills. Directly programmed energy-related funding amounts to approximately €42.2 billion.
The Just Transition Fund, with €19.7 billion for 2021–2027, focuses on regions most affected by the transition away from carbon-intensive economic activities. Its support includes clean energy, energy efficiency, circular economy activities, worker retraining and regional economic diversification.
The Social Climate Fund adds another dimension, with €65 billion—and potentially €86.7 billion including national contributions—planned for 2026–2032. It is designed to support vulnerable households and businesses affected by the extension of the EU ETS to buildings and road transport.
These mechanisms demonstrate that energy transition financing is not limited to infrastructure and technology. It also involves skills, employment, social inclusion and regional economic resilience.
区域与社会维度
能源转型同时也是一场地域空间格局的重塑。
2021—2027 周期欧盟凝聚政策总资金规模达 3920 亿欧元，用于支持能效提升、可再生能源、智慧能源系统、电网、储能、可持续交通、就业保障与职业技能培育；其中专项规划用于能源领域的资金约 422 亿欧元。
公正转型基金 2021—2027 年预算 197 亿欧元，专门帮扶受高碳产业退出冲击最严重的地区。扶持范围涵盖清洁能源开发、节能改造、循环经济项目、劳动者转岗培训以及区域经济多元化发展。
社会气候基金则补齐民生保障层面资金支持，2026—2032 年规划资金 650 亿欧元，若叠加各成员国配套出资总额可达 867 亿欧元。该基金旨在帮扶弱势群体家庭与小微企业，缓解欧盟碳排放交易体系拓展至建筑、道路交通行业带来的转型冲击。
上述各类资金工具充分表明：能源转型融资并非仅聚焦基建与技术研发，同时覆盖技能培育、就业安置、社会包容以及区域经济抗风险能力建设。
The 2028–2034 MFF: Towards a More Integrated Financing Framework
The next major development will be the EU’s 2028–2034 Multiannual Financial Framework (MFF).
The European Commission has proposed a budget of approximately €2 trillion in current prices, with a target that 35% of overall spending should contribute to climate and environmental objectives. This could mobilise more than €700 billion for climate and environmental priorities if the proposed budget level is maintained.
A proposed European Competitiveness Fund would become a central pillar, supporting decarbonisation, clean technologies, circular economy development and the energy transition.
The Commission’s proposal would also integrate several existing funding strands relevant to clean energy into this new framework. At the same time, the future architecture remains under negotiation, with the European Parliament calling for a larger overall MFF of €2.014 trillion and stronger support for cross-border European public goods.
The proposed restructuring suggests a gradual shift in the framing of the energy transition.
Decarbonisation remains fundamental, but financing priorities are increasingly connected with:
• industrial competitiveness;
• energy affordability;
• infrastructure resilience;
• technological capacity;
• energy security;
• strategic autonomy.
The transition is therefore becoming not only a climate agenda, but also an industrial and economic transformation agenda.
2028—2034 年多年度财政框架：构建一体化程度更高的融资体系
欧盟下一项重大规划是 2028—2034 年多年度财政框架（MFF）。
欧盟委员会提议，按现价计算总预算规模约 2 万亿欧元，并设定目标：全部预算支出中的 35% 需服务于气候与环境相关目标。若该预算规模落地，将有超 7000 亿欧元资金投向气候与环境重点领域。
拟设立的欧洲竞争力基金将成为核心支柱，用于支持脱碳进程、清洁技术研发、循环经济发展以及能源转型工作。
欧盟委员会提案还计划将现有多项清洁能源相关资金渠道整合至这套全新框架下。与此同时，整套未来资金架构仍在磋商阶段；欧洲议会主张将多年度财政框架总预算提升至 2.014 万亿欧元，并加大对跨境欧洲公共品的扶持力度。
本次预算重构方案，标志着欧盟对能源转型的定位正在逐步转变。 脱碳依旧是根本目标，但资金扶持重点愈发与以下方向深度绑定：
• 产业竞争力提升
• 能源消费可负担性
• 基础设施抗风险韧性
• 自主技术产能
• 能源安全保障
• 战略自主能力
由此可见，能源转型已不单单是气候议题，更是一场产业与经济全方位变革。
Outlook
EU funding for the energy transition is entering a period of both opportunity and institutional change.
The current system combines grants, guarantees, loans, innovation support, regional funding and ETS-based revenues. The proposed 2028–2034 framework could reorganize several of these instruments around competitiveness and strategic investment, while continuing to place clean technologies and decarbonisation at the center of European transformation.
The broader direction is defined: public finance is being used to unlock larger pools of private capital and accelerate the deployment of technologies and infrastructure required for a cleaner, more resilient energy system.
For businesses, the strategic question is therefore moving beyond whether the energy transition will create investment opportunities. While, increasingly, the question is how technology, finance, policy and industrial capabilities can be brought together to turn those opportunities into scalable projects.
展望
欧盟能源转型资金支持体系正迎来机遇与机制变革并存的新阶段。
现行资金工具体系融合无偿补贴、担保、专项贷款、创新扶持、区域发展资金以及欧盟碳排放交易体系收益等多元渠道。而 2028—2034 年拟出台的财政框架，或将围绕产业竞争力与战略性投资重构多项现有资金工具，同时持续将清洁技术与脱碳置于欧洲整体转型工作的核心位置。
欧盟顶层政策导向已然清晰：依托公共财政撬动海量私人资本，加快落地各类技术与基础设施，搭建更清洁、韧性更强的能源体系。
对企业而言，核心战略议题已不再是能源转型能否带来投资机遇；当下更关键的命题是如何统筹技术、资金、政策与产业配套能力，将潜在机遇转化为可规模化落地的实体项目。
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