60+ CEOs warn €7 billion at risk if EU heat pump action plan delayed

Date: 04 February 2024
60+ CEOs warn €7 billion at risk if EU heat pump action plan delayed

Over 60 heat pump industry chiefs warned that delaying the EU Heat Pump Action Plan jeopardises a key net-zero European industry.

It puts at risk the €7 billion of investments the sector is planning in Europe for 2022-2025, the industry leaders say in a joint letter to EU Commission president von der Leyen. This would affect jobs in the sector; there are over 160,000 already today in Europe, and huge growth possibilities.

The heat pump sector was recognised by the Commission as critical for Europe’s energy independence under REPowerEU and the Green Deal industrial plan. The EU Heat Pump Action Plan, which was scheduled to appear in early 2024, could have brought the support measures to ensure the sector fulfils its potential.

Yet the latest figures show heat pump sales dropping at the end of 2023. This is due to policy changes that have shaken consumer and manufacturer confidence, alongside falling gas prices, which make heat pumps less financially attractive.

In the US, Asia and other regions, governments are ramping up their support for heat pump technologies. The EU’s Action Plan should be published without delay to ensure a clear policy direction, and encourage measures towards greater affordability. This will strengthen consumer, decision-maker and industry confidence in heat pumps and so allow the investments already made to be maximised and multiplied.

Martin Forsén, president of the European Heat Pump Association said:
“Europeans will reap the benefits of a strong heat pump market, from industrial leadership and jobs, to decarbonisation and protection from volatile gas prices. The European Commission’s decision to slam on the brakes on its Action Plan – just as other world regions accelerate their support – is the exact opposite of what’s needed. Today industry leaders call for swift publication of the Plan, to put Europe on track for energy independence and net-zero competitiveness.”

The letter to the European Commission follows that of last week, signed by 19 organisations and NGOs, calling for the Heat Pump Action Plan to be quickly published.

Download the letter

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