$568bn needed to fuel new EU power plants

New EU power plants will need a projected $568 billion worth of investments in the next 30 years, according to Bloomberg.

This immense figure is required in order to fulfil the EU’s targets regarding emission reductions and to cater to the surge in electricity demand, Bloomberg reported citing Thierry Breton, internal market chief.

“The green transition will lead to an industrial revolution of unprecedented scale,” Breton added.

This comes as the EU revealed a tax plan which recognizes natural gas and nuclear energy projects as renewable investments.

Despite the backlash that the EU’s scheme faced from sustainable policymakers and climate groups, Breton argues that such a move is vital to lure investments and meet the EU’s goal of reaching carbon neutrality by 2050.