Study: Europe could abandon fossil fuels if it invested two trillion euros

Europe could abandon fossil fuels and build a self-sufficient energy sector if it invested around two trillion euros (almost CZK 49 trillion) in renewable energy sources, such as solar power and wind farms, by 2040. The claim comes from a study whose lead author is the Potsdam Institute for Climate Impact Research, according to Reuters.

According to the study, Europe would need to invest 140 billion euros a year by 2030 and 100 billion euros a year in the following decade to achieve this goal. „These sums are substantial, but it is important to remember that European countries spent an estimated additional 792 billion euros last year just to protect consumers from the energy crisis triggered by Russia’s invasion of Ukraine,“ the study says.

According to the study, most of the money should go towards building onshore wind farms. Other pillars of a strategy that would enable Europe’s electricity demand to be met entirely by renewables by 2030 would be solar, hydrogen and geothermal energy sources. The transition to renewables in other parts of the energy sector, such as gas heating, would take another decade, the study says.

The European Parliament (EP) approved a draft directive last month aimed at increasing the share of renewables in energy consumption. The approved text raises the target for renewables’ share to 42.5 per cent by 2030. The EP also wants to cut red tape. Permitting for new renewable power plants should take no longer than 24 months.

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