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The European Union can increase the share of renewable energy in its energy mix to 34 percent by 2030 – double the share in 2016 – with a net positive economic impact. finds the new report »Renewable Energy Prospects for the European Union«. published by the International Renewable Energy Agency (IRENA). According to IRENA’s Director-General Adnan Z. Amin. achieving higher shares of renewable energy is possible with today’s technology. and would trigger additional investments of around €368 billion ($456 billion) until 2030 – equal to an average annual contribution of 0.3 percent of the GDP of the EU. 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 percent by 2030 – an amount equivalent to Italy’s total emissions. These reductions would bring the EU in line with its goal to reduce emissions by 40 percent compared to 1990 levels. and set it on a positive pathway towards longer-term decarbonization. The increase would result in 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. Reaching a 34 percent 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. Furthermore. the share of renewable energy in the power sector would rise to 50 percent by 2030. compared to 29 percent in 2015.
