Reaching the 2020 renewable energy target is expected to lead to around 2.8 million jobs in the sector and generate a total added value of around 1.1 percent of GDP, according to a study by the European Commission, which was released on Tuesday.
"This shows that benefits of renewables in terms of security of supply and fighting climate change can go hand in hand with economic benefits," European Union (EU) Energy Commissioner, Andris Piebalgs, said.
The EU has pledged to have at least 20 percent of renewables in its energy mix by the year 2020.
In 2005, the renewable energy sector employed 1.4 million people with a gross added value of 58 billion euros (82 billion U.S. dollars at current exchange).
In the future, significantly more people are expected to be employed in the sector, especially in the member states that joined the EU in 2004 and 2007, according to the study. Net effects for the overall economy are also expected to be positive.
The study underlined that stronger policies are needed to reap maximum economic benefits from renewable energy. More innovative technologies such as photovoltaic, offshore wind, solar thermal electricity and second-generation biofuels require more financial support in the short term, but are precisely the key to achieving the EU's 2020 target, it said.
