EU: USD 13 trln needed for investment in clean energy technologies

BRUSSELS, Jan 26 (KUNA) — The European Union’s Climate Action and Energy Commissioner Miguel Arias Canete said Tuesday that the global transition to clean energy “is here to stay.” Speaking at the European Renewable Energies Federation Annual Reception, he stressed that “this is particularly important in the light of the continued drop in oil prices – a trend likely to continue in 2016.” He noted that in spite of falling oil prices, clean energy investment rose four percent in 2015, hitting a new record of USD 329.3 billion.
“And it is important for us to be clear about that when you consider that – overall – as much as USD 13.5 trillion of investment in clean energy technologies and energy efficiency will be needed,” said the EU official.
This is a tremendous opportunity to position European energy companies in the lead of the new global market of low-carbon technologies set to double or even triple by 2020, he added. (end)