In March 2007, the European Union adopted an integrated climate and energy policy, putting forth policy goals for implementation by 2020, such as 20percent reduction in greenhouse gas emissions from 1990 levels, ensuring that renewable energy represents 20pc share of total energy use and 20 percent reduction in total energy consumption.

Current projections from the European Environment Agency indicate that, even taking account the positive effects of the current national measures and policies and including the additional planned actions under discussions, the European Union would reach 12pc emission reductions, 8pc short of its unilateral 20percent reduction target.

“With a 12% market share, PV will yield more than a third of the additional renewable production required, with the remainder supplied by wind, biomass, concentrated solar power, geothermal, etc”, A.T Kearney said in the report.