EU needs €1T annually to hit 2050 clean energy targets: IRENA

The International Renewable Energy Agency (IRENA) have released its first EU Regional Energy Transition Outlook with the European Commission. The report warned that national efforts remained insufficient to meet 2030 and 2050 targets. Scaling up renewables has reduced fossil fuel reliance and improved energy security. Domestic renewable energy has also improved affordability and price stability across the EU. Achieving the transition requires faster infrastructure expansion, electrification, and system integration. Annual renewable capacity additions must reach 122 GW by 2050. Renewables are expected to supply 70% of electricity by 2030. The report estimated €5.6 trillion in cumulative energy investments by 2050. Annual investment must grow to €1 trillion (~$ 1.17 trillion). It called for coordinated planning and strong enforcement to meet climate and energy goals.