the Potsdam Institute for Climate Impact Research, if Europe can invest about 2 trillion euros ( $2.1 trillion) in solar, wind and other renewable energy by 2040, it can break away from dependence on fossil fuels and create a sustainable energy sector. The scientific study, commissioned by Aquila Capital, one of Europe's largest private renewable energy investors, echoes industry criticism of European regulation, demanding faster approvals for projects to ensure targets are met. Renewable energy supply will need to grow by 20% a year by 2030 to meet projected electricity demand, the study said. According to
the report, the European continent needs 140 billion euros of investment annually by 2030 to achieve 100% renewable energy supply by 2030. Over the next decade, 100 billion euros a year will be needed to transform the entire energy system (including heating systems currently powered by oil or natural gas) to 100% renewable energy systems by 2040. "These figures may seem impressive, but don't forget: European countries spent an extra 792 billion euros last year to protect consumers from the energy crisis caused by the conflict between Russia and Ukraine," the study said.
Last month, the European Parliament gave final approval to legally binding targets to expand renewable energy faster by 2030, a central part of Europe's plan to curb climate change and move away from fossil fuels. The law increases the EU's renewable energy target, requiring 42.5% of EU energy to be renewable by 2030, replacing the previous target of 32%.
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