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According to McKinsey's study it is cheaper to start with simple measures such as energy-efficient light bulbs (Photo: European Community, 2006)

EU's 2020 energy goals to cost over €1 trillion

The EU bloc must find €1.1 trillion from its coffers over the next 14 years, if it is to fulfil ambitious climate change goals, a new study has indicated, with the head of the European Investment Bank hoping to help.

Leading consulting firm McKinsey has calculated that "on the basis of a balanced, sensible application of the most easily accessible technology...the EU states will face annual costs of between €60 to €80 billion up until 2020."

Earlier this month, member states l...

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According to McKinsey's study it is cheaper to start with simple measures such as energy-efficient light bulbs (Photo: European Community, 2006)

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