Making the European energy sector self-sufficient and sustainable would cost around €2,000 billion. According to a study by the Potsdam Institute for Climate Impact Research, which shared the results with Reuters, Europe could become completely independent of fossil fuels by 2040.
To achieve this goal, the researchers estimate that 140 billion euros must be invested annually until 2030. In the next ten years, this will require annual investments worth 100 billion euros. According to the study, the lion’s share will be needed to expand onshore wind power generation capacity. The remaining investments are then allocated, for example, to solar energy and hydrogen.
According to the researchers, all investments combined could ensure that Europe’s electricity needs are completely covered by sustainable energy sources by 2030. After that, it will take another decade for the entire energy system to go through this transition. This concerns, for example, heating, which is often powered by natural gas, for example.
Free unlimited access to Showbytes? Which can!
Log in or create an account and never miss a thing from the stars.
