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Thursday, March 11, 2010

UPDATE:EU Says On Track To Meet Its 20% Renewable Energy Target

By Alessandro Torello

Dow Jones Newswires

(Adds details from EU statement, comment.)

BRUSSELS -(Dow Jones)- The European Union is on track to reach its target of 20% of energy consumption coming from renewable sources by 2020 and might even overshoot it, the Commission said Thursday, citing preliminary national forecasts on the countries' efforts to increase their green energy use.

"The Commission finds that the E.U. will reach an overall share of 20.3% renewables," the commission said in a statement. "Our task will be to help all member states not only to reach the 20% target but to go beyond," said Guenther Oettinger, Commissioner for Energy, in the statement.

The E.U. decided in December 2008 that 20% of energy consumption in 2020 should come from renewable energy, such as wind or solar.

The new rules set specific targets for each E.U. country that they can meet by domestic efforts, or by buying green energy from other nations.

According to the forecasts, five countries--Belgium, Denmark, Italy, Luxembourg and Malta--will have to buy green energy abroad, while 10 nations are likely to exceed their targets, a spokeswoman for Oettinger said during a press conference Thursday.

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