To limit temperature rise to 1.5°C, the EU needs to move to climate neutrality and shift towards a 100% renewables-based energy system by 2040. The current EU 2030 renewable energy target is not in line with what is needed to reach the Paris Agreement target. Under the Clean Energy Package, some new instruments have been created to encourage regional cooperation, considered to be an instrument to guarantee an effective attainment of the EU 2030 renewable energy target. CAN Europe considers that the Renewable Energy Financing Mechanism has the potential to foster a faster deployment of renewables. However, for a full impact, some improvements are needed.