[1/2] Electrical power pylons with high-voltage power lines are seen next to wind turbines near Weselitz, Germany November 18, 2022. REUTERS/Lisi Niesner Acquire Licensing RightsFRANKFURT, Oct 5 (Reuters) - Europe could wean itself off fossil fuels and create a self-sustainable energy sector by spending around 2 trillion euros ($2.1 trillion) on solar, wind and other regenerative sources by 2040, according to a new study. The law raises the EU's renewable energy targets, requiring 42.5% of EU energy to be renewable by 2030, replacing a previous 32% target. It said renewable energy supply would need to grow by 20% per year to meet expected power demand by 2030. ($1 = 0.9531 euros)Reporting by Christoph Steitz, Editing by Rachel More and Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

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Persons: Lisi Niesner, Christoph Steitz, Rachel More, Alex Richardson Organizations: REUTERS, Rights, Potsdam Institute, Climate Impact, Reuters, Aquila Capital, Thomson Locations: Weselitz, Germany, Europe, Russian, Ukraine