The European Commission said it aims to step up efforts on energy cuts while spelling out ways to create a competitive low-carbon economy in the European Union.
A new energy proposal by the European government calls on member states to cut energy consumption at least 3 percent in public buildings each year, increase the use of so-called smart grids and conduct energy audits for larger companies.
The commission said the plans require an additional $373 billion in green energy investments each year. This investment is on top of the 19 percent of the European gross domestic product targeting green technology already planned.
"The low-carbon road map presents cost-effective ways the EU can further cut greenhouse emissions -- to just 5 to 20 percent of 1990 levels by 2050 -- and still become more competitive," the commission said.
The European government said it would propose new laws on its energy road map in the coming months.