A new report has highlighted how the European Union can double its current renewable energy consumption and save billions of euros.

The European Union is fully capable of doubling its current renewable energy consumption within the next 12 years.

This is one of the main findings from a new report released by the International Renewable Energy Agency (IRENA), on request from the European Commission.

As of 2016, the EU sourced 17 percent of its energy from renewable sources, and has a target to reach a minimum of 27 percent by 2030. This would make the continent a world leader in the technology.

The IRENA report claims that with the right levels of investment that can actually increase across the whole EU to 34 percent.

On average, the report states an extra 62 billion euros of investment each year would be needed, which would mean a total of 327 gigawatts of wind and 270 gigawatts of solar power.

The move would also have additional economic benefits given the energy, environmental and health cost savings associated with making the transition to clean forms of power. These savings could be as high as 113 billion euros per year by 2030.

Although the report states jobs would also increase from the current 1.2 million employed by renewables, it does not provide an analysis or precise figures.

"For decades now, through ambitious long-term targets and strong policy measures, Europe has been at the forefront of global renewable energy deployment,” said IRENA Director-General Adnan Z. Amin. “With an ambitious and achievable new renewable energy strategy, the EU can deliver market certainty to investors and developers, strengthen economic activity, grow jobs, improve health and put the EU on a stronger decarbonisation pathway in line with its climate objectives.”

Mr. Miguel Arias Cañete, European Commissioner for Energy and Climate Action said: “The report confirms our own assessments that the costs of renewables have come down significantly in the last couple of years, and that we need to consider these new realities in our ambition levels for the upcoming negotiations to finalise Europe's renewable energy policies.”

The EU has an interim target of reaching 20 percent renewable energy by 2020