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European countries to invest 110 bn euros in renewable energy sources

Renewables sources already save 15 to 20 billion euros annually on imported fossil energy.


Devdiscourse News Desk 13 May 2018, 06:37 PM Germany
  • EU is the world's largest importer of energy, on an annual average, it spent between 2007 and 2016 net 316 billion euros. (Image Credit: Pixabay)

According to the recently published paper of Energy Atlas of the Heinrich Böll Foundation, European countries are distributing 110 billion euros in subsidies and free CO2 certificates to producers of fossil fuel energy.

Coal and gas power plants, therefore, receive three times as many subsidies as all other renewable energy sources, which at the same time received 40 billion euros.

The Heinrich Böll Foundation is part of the global Green political movement that has developed since the 1980s. It describes itself as an agency for green visions and projects, a think tank for policy reforms, and an international network.

And it says in its research paper that renewable sources already save 15 to 20 billion euros annually on imported fossil energy. "Centralized and import-dependent, coal-rich and emission-intensive, environmentally damaging and expensive this is how Europe's energy supply will look just over two years after the Paris Climate Agreement," told reports, as per Prestext.

The Energy Atlas further states that the EU is the world's largest importer of energy. On an annual average, it spent between 2007 and 2016 net 316 billion euros. This money supports undemocratic regimes, the depletion of raw materials destroys entire landscapes, and accidents occur when oil is transported.

On the other hand, fossil energy consumption in the EU has fallen by 11 percent since 2005, as renewable energy has been used primarily to replace coal and natural gas. In 2015, 17 percent of EU final energy consumption came from renewables.

The European Energy Atlas appears at a time when EU member states are negotiating an energy and climate strategy for 2030 (the Clean Energy Package).

The laws and regulations will determine the next decade of European energy and climate policy. While the package provides important signals for the further development of the European energy transition, it does not meet the potential of energy efficiency and renewables.

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