FRANKFURT, Germany: 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.
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.
“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 law raises the EU’s renewable energy targets, requiring 42.5 percent of EU energy to be renewable by 2030, replacing a previous 32 percent target.
The scientific study — commissioned by Aquila Capital, one of Europe’s largest private renewables investors — echoed industry criticism toward 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 percent per year to meet expected power demand by 2030.
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Europe could become energy self-sufficient in $2 trillion push — study
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Europe could become energy self-sufficient in $2 trillion push — study
- Last month, European lawmakers gave their final approval to legally binding targets to expand renewable energy faster this decade
Former French minister Lang summoned over Epstein links, source says
- Pressure grows on ex-culture minister to quit Paris-based Arab World Institute
- Jack Lang’s correspondence with Epstein raises questions about their relationship
PARIS: Pressure rose on Friday on former French culture minister Jack Lang to resign as president of the Arab World Institute over his ties to late convicted sex offender Jeffrey Epstein, after he was summoned to the foreign ministry to discuss the matter.
Lang said earlier this week he had been unaware of Epstein’s 2008 sex-offense conviction when they met in around 2012, describing the financier as an acquaintance interested in art and cinema introduced to him by US film-maker Woody Allen.
The 86-year-old former minister, head of the Arab World Institute since 2013, has not been accused of wrongdoing. Lang told BFMTV on Wednesday that Epstein was not a friend, that he knew little about the convicted sex offender, but had found him to be “passionate about art, culture and cinema.”
But files released by the US Department of Justice last week raise questions about Lang’s characterization of his relationship with Epstein.
They show Epstein and Lang corresponding intermittently between 2012 and the financier’s 2019 death by suicide in jail.
In an email sent by Lang to Epstein on April 7, 2017, nearly a decade after the financier was convicted of soliciting prostitution from an underage girl, he thanked Epstein for a “splendid time” the previous day.
“Your friendship, the amazing pl=ne (sic)m and your extraordinary generosity really touched us,” Lang wrote.
Lang, who served multiple terms as culture and education minister between 1981 and 2002, did not immediately respond to a request for comment.
Lang urged to ‘think about the institution’
A source close to President Emmanuel Macron said the presidency and prime minister’s office had asked relevant ministers to summon Lang and encourage him to “think about the institution.” The foreign ministry said a summons had been issued.
The Arab World Institute is a cultural and research institution that promotes understanding of the Arab world and is located in Paris on the banks of the Seine river.
Lang’s name appears over 600 times in the Epstein files, according to a Reuters review of the documents.
“I fear nothing, and I am clean as a whistle,” Lang told French radio RTL on Wednesday.
The files dump has heightened scrutiny of Epstein’s global connections with public figures, including Britain’s Andrew Mountbatten-Windsor, the younger brother of King Charles, and Peter Mandelson, the former UK ambassador to the United States.
On Monday, Lang’s daughter Caroline resigned as head of France’s Independent Production Union after her own links to Epstein surfaced.
Both father and daughter deny wrongdoing, with Caroline telling BFMTV on Thursday she only knew about Epstein’s 2008 conviction after he told her to look him up on Google in 2014.
Lang said earlier this week he had been unaware of Epstein’s 2008 sex-offense conviction when they met in around 2012, describing the financier as an acquaintance interested in art and cinema introduced to him by US film-maker Woody Allen.
The 86-year-old former minister, head of the Arab World Institute since 2013, has not been accused of wrongdoing. Lang told BFMTV on Wednesday that Epstein was not a friend, that he knew little about the convicted sex offender, but had found him to be “passionate about art, culture and cinema.”
But files released by the US Department of Justice last week raise questions about Lang’s characterization of his relationship with Epstein.
They show Epstein and Lang corresponding intermittently between 2012 and the financier’s 2019 death by suicide in jail.
In an email sent by Lang to Epstein on April 7, 2017, nearly a decade after the financier was convicted of soliciting prostitution from an underage girl, he thanked Epstein for a “splendid time” the previous day.
“Your friendship, the amazing pl=ne (sic)m and your extraordinary generosity really touched us,” Lang wrote.
Lang, who served multiple terms as culture and education minister between 1981 and 2002, did not immediately respond to a request for comment.
Lang urged to ‘think about the institution’
A source close to President Emmanuel Macron said the presidency and prime minister’s office had asked relevant ministers to summon Lang and encourage him to “think about the institution.” The foreign ministry said a summons had been issued.
The Arab World Institute is a cultural and research institution that promotes understanding of the Arab world and is located in Paris on the banks of the Seine river.
Lang’s name appears over 600 times in the Epstein files, according to a Reuters review of the documents.
“I fear nothing, and I am clean as a whistle,” Lang told French radio RTL on Wednesday.
The files dump has heightened scrutiny of Epstein’s global connections with public figures, including Britain’s Andrew Mountbatten-Windsor, the younger brother of King Charles, and Peter Mandelson, the former UK ambassador to the United States.
On Monday, Lang’s daughter Caroline resigned as head of France’s Independent Production Union after her own links to Epstein surfaced.
Both father and daughter deny wrongdoing, with Caroline telling BFMTV on Thursday she only knew about Epstein’s 2008 conviction after he told her to look him up on Google in 2014.
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