In a study, EWEA estimated that the EU’s “unambitious” 2030 target of 27 per cent of energy consumption to be met by renewable generation would result in fossil fuel import savings of €190 billion between 2011 and 2030.
It then stated that a 30 per cent EU renewable target could save up to €450 billion in imported fossil fuel costs over the same period.
The more ambitious target would result in total saving of €260 billion between 2011 and 2030, or an estimated €13 billion per year.
EWEA also said wind energy has more than covered the cost of supporting renewable energy, which was an estimated €26 billion in 2010, is offset by the avoided costs of importing fossil fuels alone, €30 billion in the same year.
The report also calls on the EU to set a binding 2030 renewable energy target; for the EU Emissions Trading Scheme to provide a high and stable carbon price; a minimum emissions standard to new build power installations; and for a European power grid to be developed so “wind energy can be transmitted to consumers wherever needed”.