The European Parliament and the Council have provisionally agreed to raise the European Union’s binding renewable target to a minimum of 42.5% by 2030, up from 32%. It would mean doubling the existing share of renewables in the EU.

The European Commission said that negotiators agreed that the EU would aim to reach 45% of renewables by 2030.

The new target would help accelerate the deployment of home-grown clean energy and meet the EU’s target of mitigating 55% of greenhouse gas emissions until the end of the decade.

Further, the revised directive has set a binding target for European industries to achieve 42% of renewable hydrogen in total hydrogen consumption by 2030 while mandating an increase of 1.6% in annual renewable energy use in operations.

For the transport sector, the negotiators agreed on mandating a 14.5% cut in greenhouse gas intensity or a 29% share of renewable energy in final energy consumption, including a combined sub-target of 5.5% for advanced biofuels and renewable fuels of non-biological origin, including a minimum level of 1% for renewable fuels of non-biological origin.

The pact introduces a specific renewable energy benchmark of 49% for energy consumption in buildings by 2030 to complement EU buildings legislation and guide member states’ efforts.

The deal brings the EU closer to completing the Fit for 55 legislations to deliver the European Green Deal and the REPowerEU objectives. It will bolster annual renewables targets for the heating and cooling sector and renewable energy used in district heating systems.

While cutting the dependence on fossil fuel imports, the pact will support the scaling-up of renewables across power generation, industries, buildings, and transport.

Earlier this month, the EU Parliament adopted the revised Energy Performance of Buildings Directive, mandating solar rooftop systems for all new buildings by 2028 and renovating residential buildings by 2032.

Under the revised target, permit processes are said to be flexible and faster, while cross-border cooperation on renewable energy will be improved.

The agreement also strengthens the bioenergy sustainability criteria that will apply to smaller installations in the future equaling or above 7.5 MW.

A recent Legal and General Investment Management report said that Europe and Asia would experience high energy prices in the coming years if sufficient decarbonization funding is delayed by another decade.