If Europe invests €2T in RES, it could become energy self-sufficient.

By investing in solar, wind, and other renewable sources, Europe could abandon fossil fuels and create a self-sustaining energy sector by 2040. To achieve this goal, the continent will need an annual investment of €140B by 2030 and €100B per year for the next ten years.

“These figures are significant, but it is important to remember that European countries spent an additional €792B last year to protect consumers from the consequences of the energy crisis caused by the Russian invasion of Ukraine,” Reuters wrote.

Last month, European lawmakers finalized legally binding targets for a faster expansion of renewable energy this decade, a central part of Europe’s plans to curb climate change and move away from fossil fuels. The law raises the EU’s renewable energy targets, requiring 42.5% of the EU’s energy to be renewable by 2030, replacing the previous target of 32%.