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EU Lures Green Investment

March 20, 2008 3:11 PM

With a mandate to increase renewable energy use throughout Europe by 2020, the European Union is gaining popularity over the United States for investors in the green sector. Germany is meeting EU targets with initiatives like the Renewable Energies Heating Law, which requires that buildings constructed after January 1, 2009, use renewable energy heating systems. Other countries, like Denmark and Ireland, need to step up and reduce carbon emissions by 20 percent. "In many countries renewable electricity may need to increase to around 30 to 40 percent of total electricity generation to meet the likely shortfalls in heat and biofuels," explains Jonathan Johns, head of renewable energy at Ernst & Young. "This sets the scene for sustained growth and investment in renewable power throughout the next decade, as well as providing a significant boost for the renewable energy heat and biofuels sectors."

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