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this post was submitted on 05 Oct 2023
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This is the best summary I could come up with:
FRANKFURT, Oct 5 (Reuters) - 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.
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.
"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 Russian invasion into Ukraine," the study said.
Last month, European lawmakers gave their final approval to legally binding targets to expand renewable energy faster this decade, a central part of Europe's plans to curb climate change and shift away from fossil fuels.
The scientific study - commissioned by Aquila Capital, one of Europe's largest private renewables investors - echoed industry criticism towards European regulation, asking for faster approval of projects to make sure targets were hit.
It said renewable energy supply would need to grow by 20% per year to meet expected power demand by 2030.
The original article contains 316 words, the summary contains 215 words. Saved 32%. I'm a bot and I'm open source!