On 26 September, the Estonian Cleantech Association and Cleantech for Baltics attended the Cleantech for Europe Summit 2024, where the theme "Time to Scale" took center stage. The event gathered industry leaders, policymakers, and cleantech innovators, highlighting Europe's need to accelerate the scale-up of cleantech.
A key message from the summit was the pressing need to stimulate demand for cleantech products and services. It was pointed out that Europe risks falling behind, warning that while discussions continue, other regions are already taking decisive action. A consistent single market across European countries is necessary to provide cleantech companies with a fair chance to compete globally. Public procurement was identified as a critical tool to create demand, with a call to align the clean energy transition with broader economic and security goals.
The summit also focused heavily on the challenges of funding. Public funding was seen as crucial for de-risking private investments. It was emphasized that public guarantees should serve as a buffer to encourage private capital to flow into cleantech projects.
A key challenge discussed was the gap in financing between early-stage venture capital and large infrastructure funds. This "missing middle" makes it difficult for companies to move from pilot projects to full-scale deployment. The summit underscored the need for more pan-European grants and private debt investment to bridge this gap.
During the summit, a strong message was delivered regarding the future of cleantech in Europe: failure to invest in the sector now could leave Europe lagging behind in global innovation. The role of local ecosystems, including the Baltic region, is crucial in shaping the future of European cleantech.
The summit concluded with a clear sense of urgency: Europe has the potential to lead in cleantech, but it must accelerate efforts to scale the industry. Aligning funding mechanisms, reforming regulations, and creating stronger demand were identified as the key pillars for growth. Public procurement will be essential in driving demand for cleantech, and there must be a coherent policy framework across sectors and borders to ensure that Europe’s cleantech industry can compete on a global scale.
For the Baltics, involvement in these high-level discussions is critical, reinforcing the region’s role as a hub of innovation and positioning it at the forefront of Europe’s clean future.
