International Renewable Energy Agency (Irena) has commended the European Union’s (EU) decision to increase its renewable energy target from 27 per cent to 32 per cent by 2030.

Lauding the move, Irena's director general Adnan Z Amin said: "This consolidates Europe’s position at the forefront of the global energy transformation, and establishes a positive decarbonisation pathway in line with its commitments under the Paris Agreement."

“It is also recognition that the new economics of renewable energy have propelled it to the forefront of energy policy and investment decision making as governments around the world look to address long-term climate and economic agendas,” observed Amin.

"Our renewable energy roadmap analysis, delivered to the European Commission earlier this year, identified that higher shares of renewable energy in the EU were cost-effective and would have a net positive economic impact," he added.

In February, Irena had presented a report entitled ‘Renewable Energy Prospects for the European Union’ – at the request of the European Commission, outling the EU’s cost effective potential to increase its share of renewables to 34 per cent by 2030 with a net positive economic impact.

Amin pointed out that this ambitious and achievable new strategy would drive significant additional investment activity, creating thousands of new skilled jobs and improving health and wellbeing whilst decarbonising the European energy system.

“We welcome the decision and believe it can act as a source of encouragement to global policymakers, and as a clear reminder of the centrality of renewable energy to both economic prosperity and climate stability,” he added.-TradeArabia News Service