Investment totalling a trillion euros (£846bn) is required before the end of this decade if the European Union is to stave off an energy crisis, reports the BBC.
An 8-month inquiry by the House of Lords into the EU power sector reports an urgent need for investment in low carbon, interconnected and innovative energy systems. The committee agreed with the European Commission estimate that to achieve secure, green and cheap energy by 2020, a trillion euros will need to be spent on infrastructure.
The money is there from institutional investors for these energy projects but the lack of a clear policy about how to deliver secure and affordable power is holding them back, say the Lords.
The Lords point to two core policies that they say need to be in place – an urgent revision of the Emissions Trading Scheme and a target for the proportion of renewables in the energy mix up to 2030.
