The International Renewable Energy Agency (IRENA) estimates that the European Union could double the share of renewable energies in its energy mix from 17% in 2015 to 34% in 2030 with a net positive economic impact. The average investment in renewable energies to reach this 34% share would be around €62bn/year., but would result in savings of between €44bn - €113bn per year by 2030 (including health and environmental costs).
IRENA has identified a renewable energy potential of 327 GW of wind power (+97 GW compared to the Business as Usual scenario) and a 270 GW potential for solar (+86 GW on the BAU scenario). The share of renewables in the power sector could increase from 29% in 2015 to 50% by 2030; they could cover 42% of energy consumption in buildings, 36% in industry and 17% in transport.
IRENA also highlights that it would help reduce greenhouse gas (GHG) emissions by a further 15% by 2030, the equivalent of Italy's total emissions. This would bring the European Union in line with its target to reduce emissions by 40% compared to 1990 levels.