The EU could double the volume of renewable energy in its energy mix, reaching a share of 34% by 2030.
That’s according to the International Renewable Energy Agency (IRENA), which says this is possible with existing technologies and would require an estimated investment of around €62 billion (£54.7bn) per year.
It adds raising the share of renewables by this amount would reduce emissions by 15% in just over a decade, equivalent to the total emissions of Italy.
IRENA suggests these reductions would bring the EU in line with its goal to reduce emissions by 40% compared to 1990 levels and set it on a trajectory towards further decarbonisation in the future.
It predicts the increase in renewables would result in savings of up to €113 billion (£100bn) per year by 2030, taking into account savings related to the cost of energy and avoided environmental and health costs.
IRENA Director-General Adnan Z. Amin, said: “With an ambitious and achievable new renewable energy strategy, the EU can deliver market certainty to investors and developers, strengthen economic activity, grow jobs, improve health and put the EU on a stronger decarbonisation pathway in line with its climate objectives.”