Trillions Possible From Green Revolution In EU, Report Finds
According to Reuters, a report commissioned by Greenpeace finds that the entire exercise of making EU energy entirely free from carbon (through the mission of the green revolution) will enable the EU to reap some sweet economic fruits, the tune of €3 trillion by 2050.
But that’s not all. By 2020, it will also create about half a million jobs, German aerospace centre DLR researchers find. This organisation focuses on the transport and energy sectors.
It is also noted that, by 2020, the EU has to attain a binding target to reach 20% green energy. Beyond that timeframe, there are not yet binding targets, but there are non-binding plans that aim for freedom from essentially all carbon emissions from electricity production by 2050.
The energy evolution report of 2012, which has been commissioned by Greenpeace and the European Renewable Energy Council (EREC), has devised steps in the direction of carbon-free energy, of which curbing of energy demand by way of superior competence, augmenting outlay in solar power and wind, and phasing out of financial support or subsidies for energy that is carbon-intensive, is also a part.
It perceives a necessity of investment of approximately €99 billion by 2050 for this energy transformation, but it further alludes that there are enormous financial returns or benefits to be gained from this!
The report said, “Because renewable energy has no fuel costs, the fuel cost savings in the Energyevolution scenario reach a total of 3,010 billion euros up to 2050, or 75 billion per year.”
There’s an additional benefit — creation of jobs. Prolifically, the findings of the report say that entirely green energy would show the way to creating half a million more jobs (in comparison to “business as usual” energy; apparently, more manpower or workforce becomes imperative for renewable energy than in fossil fuel electricity).
Political Intent And Determination Is Of Essence
Undoubtedly, this revolution calls for a compassionate political will and intent, and new targets beyond the 2020 aim to curb carbon by 20 percent.
The report says, “A continuation of the successful triple targets for 2030 will provide industry certainty, mobilize investment in renewable and energy saving technologies and secure the necessary climate ambition.”
Connie Hedegaard, the European Climate Commissioner, has over and over again assured with her conviction that the targets is the means to transform, but there have been disputing views of some of the member states, particularly those more reliant on fossil fuels today.
The report advocates for 45 percent of energy being green, renewable energy by 2030 (and setting that as a binding target). Additionally, it recommends (as many have been pushing for) a 30% carbon reduction target by 2020.
“The expert consensus is that a fundamental shift in the way we consume and generate energy must begin immediately and be well under way within the next 10 years in order to avert the worst impacts of climate change.”