01 February 2011

EU wants more money for clean energy

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Europe will have to double its spending on renewables to nearly $100 billion if it wants to meets its 2020 clean energy targets

"Some member states have made progress and are in line to meet their renewable targets or have gone beyond them… while others are lagging behind," Oettinger said Monday in Brussels.

He was speaking at the release of the body's interim report on its ambitious clean energy targets -- namely boosting the share of renewables to 20 percent of the energy mix until 2020.

To reach that goal, investments need to "double over the coming years" to $96 billion a year, after around $48 billion were invested in renewables in 2009, Oettinger said.

By 2010, Brussels wanted to produce 21 percent of its power from renewables, a target it barely missed, reaching an 18 percent share, Oettinger said.

(EnergyDaily)

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