Aug 30, 2013 - Costs for the Desertec renewable energy project, which aims to bring solar and wind power to Europe from Africa and the Middle East, will most likely explode to some EUR 900 billion (USD 1.19trnl), a study by the Kiel Institute of Economy (IfW) has shown.
At the start of the project back in 2009, total costs were estimated at about EUR 400 billion.
Desertec, which should start supplying green electricity to Europe in 2020, will need EUR 460 billion in foreign investments by 2050, IfW's expert Gernot Klepper was cited by German media as saying.
Countries in North Africa and the Middle East (MENA) will need to add an investment in the similar amount, IfW says.
According to Klepper, electricity needs in the MENA region should be met almost entirely with renewable energy, which is possible and would not result in catastrophes.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.