International Energy Agency Director Nobuo Tanaka said during a meeting for European energy ministers that under the agency's future scenarios Europe could cut oil import costs by nearly $100 billion per year by 2035.
"Reduced exposure to imports also means reduced exposure to potential supply disruptions and so a boost to European energy security," he said in a statement.
He said that moving away from oil and embracing a carbon-free electricity sector means the European Union needs a diverse energy mix that includes wind, solar and nuclear power.
This, he said, would also encourage the European community to advance a low-carbon economy.
"The benefits of low-carbon policies are not only climate-related but also economic," he said.
The meeting in Hungary meeting focused on the so-called Roadmap 2050, which envisions a clear pathway to achieving a low-carbon economy in Europe.
2014: The Year in Music [PHOTOS]