The EU can increase the share of renewables in its energy mix to 34% by 2030 – double the share in 2016 – with a net positive economic impact, according to a report by the International Renewable Energy Agency (IRENA).
The ‘Renewable Energy Prospects for the European Union’ report found such a renewables target would trigger additional investments of around €368bn – equivalent to an average annual contribution of 0.3% of the EU’s gross domestic product.
The report identified a potential installed wind capacity of 327GW by 2030 – an additional 97GW compared with business as usual – plus 270GW of solar, an 86GW increase on business as usual.
The target would also help reduce emissions by a further 15% by 2030 – an amount equivalent to Italy’s total emissions.
The target would result in savings of between €44bn and €113bn per year by 2030, accounting for savings related to the cost of energy and avoided environmental and health costs.
IRENA director-general Adnan Z. Amin said: “With an ambitious and achievable new renewable energy strategy, the EU can deliver market certainty to investors and developers, strengthen economic activity, grow jobs, improve health and put the EU on a stronger decarbonisation pathway in line with its climate objectives.”
European commissioner for energy and climate action Miguel Arias Cañete added: “The report confirms that we need to consider these new realities in our ambition levels for the upcoming negotiations to finalise Europe’s renewable energy policies.”
Image: European Commission HQ (Sebastian Bertrand)
EU green goals ‘bring rewards’
By EBS