Europe needs to increase renewable energy to meet emission targets

    Consulting firm Wood Mackenzie said on Thursday that Europe needs to invest tens of billions of dollars in renewable energy Solar Panels House and energy storage to achieve the 2030 climate goal.

    EU leaders agreed in December to reduce net greenhouse gas emissions by at least 55% from 1990 levels by 2030, a further increase from the previous target of 40%.

    But Wood Mackenzie's analysis found that according to current plans, by 2030, Europe's emissions reductions will be 46% less than 1990 levels.

    In order to achieve this new goal, the EU needs to substantially increase the power generation capacity of renewable energy sources, such as wind, solar and electricity storage. By 2030, this is equivalent to an investment of approximately US$585 billion.

    Wood Mackenzie said that the technology to capture and store carbon emissions (CCS), the widespread use of hydrogen as a fuel, more electric vehicles and the reform of the EU Emission Trading System (ETS), including the introduction of a bottom price for carbon emissions costs, It is also necessary.

    The report stated that a carbon price of US$65 per ton will ensure the greatest possible shift from lignite power plants to low-emission gas-fired power plants and stimulate technology investment.

    Murray Douglas, head of research at Wood Mackenzie, said: "Determining the carbon price now will help expand the required investment in CCS and hydrogen projects."