In Europe, a turbine maker's appeal for direct cash transfer

The chief operating officer of Siemens Gamesa has pitched for direct financial assistance to turbine manufactures to support their investments, pointing out that they are a critical component of renewable energy but are "losing billions".

Speaking at an energy conference in Madrid, Tim Dawidowsky told the attendees, "We need cash. It's all about cash".

Dawidowsky said turbine makers need to invest billions of euros but do not have the necessary cash to do that. "The energy transition for sure needs wind as one of the strong pillars. On the other hand, with all the support from the European Union and around the world, the main elements of that value chain, meaning the ones who need to provide these little turbines that make the trick at the end, are losing billions," he said.

Dawidowsky said the US subsidies on clean energy had "one huge advantage" over their counterpart from Europe: "You create jobs, and in return you get cash right away." Dawidowsky told the audience he could build a plant "cash neutral," in the US, something which he claimed was "impossible" in Europe.

Europe has been under pressure to match the US in subsidies for renewables and clean technology. The continental bloc has announced a Hydrogen gameplan to wean itself off Russian fossil fuels.