A new study suggests that Europe can drastically reduce its collective energy bill if governments encourage energy suppliers to make greater use of renewable cheap energy.
According to a report by the European Climate Foundation, if the EU takes urgent action to lower carbon dioxide emissions, it could save 350 billion euros (£309 billion) a year by 2050.
The study found that the 27-nation EU is on target to lower carbon dioxide emissions by 20 per cent within this decade based on 1990 levels and reduce pollution by between 80 and 95 per cent in the next 40 years.
Increased cheap energy efficiency and a move away from oil and gas will cause the cost of energy per unit of gross domestic product to fall by 30 per cent by 2050, the report predicts.
Tom Brookes, head of the Energy Strategy Centre at the European Climate Foundation, told Business Week: "Existing nuclear capacity and fossil fuels will be almost off by 2050.
"We will have to build new capacity and at the end of the day, it's a political decision where you direct funding."
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