According to the EU energy commissionaire Andris Piebalgs it will require 50 Billion Euro to reach 80% greenhouse gas emissions cut until 2050 compared to 1990 levels.
Recently EU has come up with a Strategic Energy Technology plan or the SET-Plan:
http://ec.europa.eu/energy/technology/set_plan/doc/2009_comm_investing_development_low_carbon_technologies_en.pdf
The SET plan describes that there are 8 strategic green technology areas where to put money in in order to achieve the long and short term environmental targets.
The Set plan is described as the technology pillar of EU’s energy and climate policy where the money is the predicted investment need in the coming 10 years from public and private to achieve the necessary targets:
1. Wind power – Spend 6 Bn Euros to resolve cost, Go offshore and solve the electricity grid integration problems
2. Solar power – Spend 16 Bn Euros to set up mass PV production and set up 10 Solar Thermal CSP:s with improved heat storage
3. Electricity Grids – Spend 2 Bn Euros in technologies to ensure that the electricity grid can handle distributed electricity production and manage complex interactions between suppliers and customers.
4. Bio Fuel – Spend 9 Bn Euros in Bio Fuel technologies. 30 bio mass plants needed as first step for heat and power generation.
5. CCS – Spend 13 Bn Euros on Carbon Capture and Storage, CCS, to create a portfolio of capture, transport and storage options. This because we cannot stop the fast growing coal power production.
6. Nuclear Fission – Spend 7 Bn Euros on Nuclear Gen IV Reactors for safety, efficiency and lowered radioactive waste
7. Hydrogen – Spend 5 Bn Euros on Fuel Cells and Hydrogen to support development and demonstration of necessary infrastructure in transport applications.
8. Energy Efficiency – Spend 11 bn Euros to improve Energy Efficiency, the easiest and fastest way of reducing Carbon usage. Smart Cities initiative will “trigger the mass market take-up of energy efficiency technologies”
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