IEA focuses on domestic energy production

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BUDAPEST, Hungary, May 4 (UPI) -- A focus on domestic energy options could eliminate exposure to supply disruptions for the European Union, the IEA said during a meeting in Hungary.

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.