The European Union (EU) can increase the share of renewable energy in its energy mix to 34 percent by 2030, finds a report by the International Renewable Energy Agency (IRENA) on Tuesday.
The share amount can double by 2030 with a net positive economic impact, IRENA stated.
According to the report, reaching a 34 percent renewable share by 2030 would require an estimated average investment in renewable energy of around €62 billion per year.
Furthermore, the renewable energy potential identified would result in 327 gigawatts (GW) of installed wind capacity, an additional 97 GW compared to business as usual. In addition, 270 GW of solar energy, or an 86 GW increase on business as usual could also emerge.
IRENA finds that an accelerated adoption of heat pumps and electric vehicles would increase electricity to 27 percent of total final energy consumption, up from 24 percent from a business-as-usual scenario.
The EU revised the share of renewable energy in the power sector to 50 percent by 2030, compared to 29 percent in 2015, the report showed.
To realize long-term EU decarbonization objectives, the report revealed that all renewable transport options are needed, including electric vehicles, along with advanced and conventional biofuels.
By Gulsen Cagatay
Anadolu Agency
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