EU Sees Higher Climate Target Possible As Cost of Renewables Falls

The falling cost of wind and solar power puts higher renewable energy targets within reach, according to a European Commission study seen by Reuters, pressuring EU legislators to set more ambitious climate goals.

Tough talks are now underway between EU nations and the European Parliament to set new targets for renewable energy’s share of the bloc’s overall energy use from 2021 to 2030.

EU lawmakers are pushing for renewables to account for at least a 35 percent share by 2030, while national governments agreed a target of 27 percent.

The new study by the EU executive, which updates 2016 policy cost projections, says lower costs together with other draft measures to improve energy efficiency and reduce greenhouse gas emissions could cut the cost of achieving a 27 percent target by 2.9 billion euros ($3.5 billion) a year.

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