in the European Union, to expand and optimise EU energy research capabilities through the sharing of world-class national facilities and the joint realisation of national and European programmes. Formed in 2008, EERA intends to be a key actor of the EU Strategic Energy Technology Plan (SETPlan) and will contribute to accelerating the development of new low carbon technologies for the Union to move toward a low carbon economy. In May 2017, Nils Anders Røkke from SINTEF was appointed EERA chairperson. Energy sources Under the requirements of the Directive on Electricity Production from Renewable Energy Sources, which entered into force in October 2001, the member states are expected to meet "indicative" targets for renewable energy production. Although there is significant variation in national targets, the average is that 22% of electricity should be generated by renewables by 2010 (compared to 13,9% in 1997). The European Commission has proposed in its Renewable Energy Roadmap21 a binding target of increasing the level of renewable energy in the EU's overall mix from less than 7% today to 20% by 2020. Europe spent €406 billion in 2011 and €545 billion in 2012 on importing fossil fuels. This is around three times more than the cost of the Greek bailout up to 2013. In 2012, wind energy avoided €9.6 billion of fossil fuel costs. EWEA recommends binding renewable energy target to support in replacing fossil fuels with wind energy in Europe by providing a stable regulatory framework. In addition, it recommends setting a minimum emission performance standard for all new-build power installations. For over a decade, the European Investment Bank has managed the European Local Energy Assistance (ELENA) facility on behalf of the European Commission, which provides technical assistance to any private or public entity in order to help prepare energy-efficient and renewable energy investments in buildings or innovative urban transportation projects. The EU Modernisation Fund, formed in 2018 as part of the new EU Emissions Trading System (ETS) Directive and with direct engagement from the EIB12, targets such investments as well as energy efficiency and a fair transition across 10 Member States. The European Investment Bank took part in more energy financing in Europe in 2022, a part of their REPowerEU package being to assist up to €115 billion in energy investment through 2027, in addition to regular lending operation in the sector. Energy markets The EU promotes electricity market liberalisation and security of supply