A new WindEurope study with Hitachi Energy finds a renewables-based energy system is far cheaper than alternatives across all scenarios assessed.
The organisations said scenarios relying more on nuclear, hydrogen or CCS cost between €487bn and €860bn more by 2050.
Hitachi Energy added that a renewables-based system is €1.6tn less expensive than a slow transition scenario in which Europe misses its climate targets.
The study notes the €1.6tn gap stems largely from residual fuel costs and carbon costs in the slow transition scenario.
It shows the renewables scenario saves €331bn by 2035 compared with the slow transition pathway.
The cumulative savings from high renewables equal Europe’s annual healthcare spend and 9% of EU GDP.
The analysis highlights major electrification needs in heavy industry but stresses that even with these investments the renewables scenario remains the cheapest.
It finds high-renewables systems deliver stability and significant energy security margins with production far exceeding demand.
The study states that fuel import dependency falls to 22% in 2050 in the renewables scenario, compared with 54% in the slow transition case.
It adds that jobs rise as the European wind industry grows from 440,000 today to 600,000 by 2030.
The organisations say diminished climate ambition offers no upside and slowing renewables brings higher system costs.
They note the shift is already underway with wind and solar rising from 0.8% of EU electricity in 2000 to 30% today and emissions falling nearly one-third as the economy expanded 45%.