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EU Requires A 50% Increase In Renewable Energy Investment

Posted on 20 October 2011

EU Requires A 50% Increase In Renewable Energy Investment

Following U.S. President Barack Obama’s call for upping investment in renewable energy, the European Union also requires a 50% increase in renewable energy investment to reach its energy goal in 2020. In ten years, 20 percent of the EU’s energy is supposed to come from renewable energy sources. Only Hungary, Sweden, and Germany were able to meet their 2010 goal for renewable energy for both transport and electricity. Most other countries were able to reach their goals in only one of the two areas.

EU’s Energy Commissioner Guenther Oettinger stressed the importance of increasing investment in this sector. “We’re on the right track, but since it’s a bit lower we need to step up the pace in the next 10 years.” In order to succeed in their mission, combined investment from governments, the EU and private companies has to rise to $96 billion, which is double from what it was in 2009. Looking back at outcomes from 2010, the EU was able to get 18 percent of its electricity from wind, solar, geothermal and water sources and was able to power 5.1 percent of all its transportation with non-diesel or gas. To be efficient the EU needs to improve coordination of national support schemes to attract private investment as well “develop wind energy where it’s windy and solar energy where it’s sunny,” Oettinger explained.

Source: Bloomberg

 

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