Europe could wean itself off fossil fuels and create a self-sustainable energy sector by spending around 2 trillion euros ($2.1 trillion) on solar, wind and other regenerative sources by 2040, according to a new study, Report informs via Reuters.
The report, led by the Potsdam Institute for Climate Impact Research, said the continent would require annual investments of 140 billion euros by 2030 and 100 billion a year in the decade thereafter to get there.
While most of the sum would be needed for onshore wind expansion, solar, hydrogen and geothermal resources would be additional pillars of a strategy that would enable Europe’s electricity needs to be powered exclusively from renewables by 2030.
It would take another decade to convert the entire energy system, including things such as heating currently powered by oil or gas, to renewables, according to the study, which was shared with Reuters.
The study said that these figures are considerable, but it is important to remember that the European countries are estimated to have spent additional 792 billion euros in the last year just on the status quo system to protect consumers from the effects of the energy crisis introduced by the conflict in Ukraine.
