Europe needs €2 trillion to phase out fossil fuels – study

Europe needs €2 trillion to phase out fossil fuels – study

Katerina Belousova

By 2030, the annual volume of investments should reach €140 billion

A study by the Potsdam Institute for Climate Impact Research found that Europe needs to spend around 2040 by 2040 2 trillion to phase out fossil fuels and create a self-sufficient energy sector.

In order to meet the continent's needs for exclusively green electricity, most of the amount should be directed to offshore wind energy projects, while solar, hydrogen and geothermal generation will become auxiliary, reports Reuters.

The study found that it would take another decade to transition the entire energy system to renewable energy sources. After all, for example, in particular, heating works on oil and gas.

It is noted that the volume of annual investments by 2030 should reach 140 billion, and 100 billion per year by 2040.

"These figures are significant, but it is important to remember that European countries are estimated to have spent additional 792 billion last year [2022] just for the status quo system to protect consumers from the consequences of the energy crisis caused by the Russian invasion. to Ukraine," the study says.

The article emphasized that European lawmakers have finally approved legally binding targets for the faster expansion of renewable energy by 2030 by 42.5% (the previous target was 32%). It is a central part of Europe's plans to curb climate change and move away from fossil fuels

The supply of renewable energy needs to grow by 20% per year to meet expected electricity demand by 2030, it said.

Earlier, EcoPolitic wrote, that the European Commission published the updated Energy Efficiency Directive 2023/1791, which introduces the principle of energy efficiency first in energy and non-energy policies. The mandatory goal of reducing energy consumption reaches 11.7% by 2030.

As EcoPolitic previously reported, in European countries, the negative impact of climate change and environmental protection policies is beginning to destroy the EU's environmental program. Great Britain, Germany, Italy, the Netherlands and Poland became the countries with the largest "green wars" .

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