FRANKFURT: Europe could wean itself off fossil fuels and create a self-sustainable energy sector by spending around €2 trillion (RM9.92 trillion) on s...
A study says it will take another decade to convert Europe’s entire energy system, including things such as heating currently powered by oil or gas, to renewables. – AFPpicEurope could wean itself off fossil fuels and create a self-sustainable energy sector by spending around €2 trillion on solar, wind and other regenerative sources by 2040, according to a new study.
While most of the sum would be needed for onshore wind expansion, solar, hydrogen and geothermal resources would be additional pillars of a strategy that would enable Europe’s electricity needs to be powered exclusively from renewables by 2030. “These figures are considerable, but it is important to remember that the European countries are estimated to have spent additional €792 billion in the last year just on the status quo system to protect consumers from the effects of the energy crisis introduced by the Russian invasion into Ukraine,” the study said.
The law raises the European Union’s renewable energy targets, requiring 42.5% of EU energy to be renewable by 2030, replacing a previous 32% target.
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