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Europe Calls for $73 Billion in Energy Research

Article appearing courtesy of Yale Environment 360.

The European Union will unveil a proposal this week calling for $73 billion (50 billion euros) in research over the next decade into improving wind, solar, and nuclear power technologies, as well as the development of carbon capture and sequestration projects and energy-efficient “Smart Cities.”

The report, prepared by the European Union’s executive body, the European Commission, says the surge in investment is necessary if Europe hopes to meet its goal of slashing greenhouse gas emissions by 80 percent by 2050.

The plan, which calls for coordinated research on a continental level, proposes $23.4 billion in solar power research, $8.8 billion in wind power research, $10.2 billion in nuclear power research, $13 billion for developing energy from biomass and waste, and $19 billion in carbon sequestration technology.

European Union officials said the proposed research program will enable Europe to remain competitive with the U.S., China, and Japan in the race to develop alternative sources of energy.