The European Union can boost the share of renewables to 34 percent of its energy mix by 2030, triggering hundreds of billions euros in investment and accelerating reduction of greenhouse gases blamed for global warming, according to the International Renewable Energy Agency (IRENA). “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 decarbonization pathway in line with its climate objectives,” Irena Director-General Adnan Amin said.

Reaching the 34 percent level would need an average investment in renewable energy of around 62 billion euros per year, according to a report launched by IRENA in Brussels. The higher share of renewables would in turn trigger additional investment of around 368 billion euros by 2030 and “significantly” boost jobs in the sector in Europe, it said.
The increase would also help lower emissions by a further 15 percent, about the same as what Italy produces. That would bring the EU in line with its target to cut carbon-dioxide discharges by 40 percent in the next decade, the organization estimated. The share of renewables in the power sector would rise to 50 percent by 2030, compared with 29 percent in 2015.
Welcoming the timeliness of the report, Mr. Miguel Arias Cañete, European Commissioner for Energy and Climate Action said: “The report confirms our own assessments that the costs of renewables have come down significantly in the last couple of years, and that we need to consider these new realities in our ambition levels for the upcoming negotiations to finalise Europe’s renewable energy policies.”