EU Could Save 250 Billion Euros Annually
IF the European Union (EU) reduced its energy use by 35 percent on 2005 levels by 2030 it could realize savings of €250 billion annually according to a new report.
The report, Saving Energy, highlights that further savings could be in the region of €200 billion annually if the bloc met its voluntary 2020 target of using 20 percent less energy than projected in 2005.
Despite these benefits the EU is currently set to only hit 17 percent savings by 2020, according to figures published by EurActiv after they saw data from an EU orientation briefing paper.
A Friends of the Earth Europe energy efficiency specialist emailed a statement to EurAvtiv “Governments are failing to embrace energy savings despite the benefits of cheaper bills and new jobs and it being the most effective action we can take to cut emissions and fight climate change.
“The EU needs to urgently put energy savings at the top of its priorities and set binding targets for 2020 and 2030,” he concluded.
Ecofys energy consultancy produced the report, which was commissioned by Friends of the Earth Europe and the Climate Action Network. Three key benefits of energy efficiency stand out in the study:
- cost-reductions for industry and consumers
- employment boosts
- breaking fossil fuel dependency
Last year the EU adopted its Directive on Energy Efficiency, which promoted new measures to meet their 20 percent by 2020 energy savings target, yet as this report shows, it could go a lot further.
Monday 4th March 2013