The
European Union can increase the share of renewable energy in its energy mix to
34% by 2030 – double the share in 2016 – with a net positive economic impact,
according to an International Renewable Energy Agency (IRENA) report launched
in Brussels on Tuesday.
IRENA’s
Director General Adnan Z. Amin presented the findings during the launch event,
“Renewable Energy Prospects for the European Union” – developed at the request
of the European Commission.
Achieving
higher shares of renewable energy is possible with today’s technology, and
would trigger additional investments of around €368 billion until 2030 – equal
to an average annual contribution of 0.3% of the GDP of the EU, Amin said. The
number of people employed in the sector across the EU – currently 1.2 million –
would grow significantly under a revised strategy.
Raising the
share of renewable energy would help reduce emissions by a further 15% by 2030
– an amount equivalent to Italy’s total emissions, IRENA said, adding that
these reductions would bring the EU in line with its goal to reduce emissions
by 40% compared to 1990 levels and set it on a positive path towards
longer-term de-carbonisation.
The
increase would result in a savings of between €44 billion and €113 billion per
year by 2030, when accounting for savings related to the cost of energy, and
avoided environmental and health costs.
EU Energy
and Climate Action Commissioner Miguel Arias Cañete hailed the findings of the
report, noting that it confirms the EU’s 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”.
According
to the IRENA report, all EU Member States have additional cost-effective
renewable energy potential. The report notes that renewable heating and cooling
options account for more than one-third of the EU’s additional renewables
potential. Furthermore, all renewable transport options will be needed to
realise EU’s long-term decarbonisation objectives.
The report
also notes that reaching a 34% renewable share by 2030 would require an
estimated average investment in renewable energy of around €62 billion per
year.
The renewable
energy potential identified would result in 327 GW of installed wind capacity,
an additional 97 GW compared to business as usual, and 270 GW of solar, an 86
GW increase on business as usual.
An
accelerated adoption of heat pumps and electric vehicles would increase
electricity to 27% of total final energy consumption, up from 24% in a business
as usual scenario.
The share
of renewable energy in the power sector would rise to 50% by 2030, compared to
29% in 2015.
In the
end-use sectors, renewable energy would account for 42% of energy in buildings,
36% in industry, and 17% in transport.
All
renewable transport options are needed, including electric vehicles and – both
advanced and conventional – biofuels to realise long-term EU de-carbonisation
objectives, IRENA said.
https://www.neweurope.eu/article/reducing-emissions-eu-double-renewables-2030/