EU needs euro1 trillion investment in energy

BRUSSELS: The European Union says it needs to invest euro 1 trillion (almost $1.4 trillion) in pipelines, building insulation and wind and solar technology over the next decade to meet its energy needs.

EU Energy Commissioner Guenther Oettinger said on Wednesday the 27-nation bloc needs the new infrastructure to assure its international competitiveness, establish secure energy supplies and assure wide-ranging choice among imports.

The EU has already committed to ambitious energy commitments by 2020, promising to cut greenhouse gas emissions by 20 per cent, increase renewable energy by 20 per cent and improve efficiency.

Those three targets are key to Europe's climate change commitments.