The EU’s energy and climate chief said the bloc needs to consider “new realities in our ambition levels” after a study said a 34% share for renewables by 2030 would bring a net positive economic benefit as well as slashing emissions.

The study by the International Renewable Energy Agency (Irena) said the 34% level – double the figure in 2016 – would trigger extra investments of €368bn ($454bn) by the end of the next decade, grow employment levels and reduce emissions by a further 15%.