As much trouble as America is having with post-recession recovery, it hardly compares to the issues that Europe now faces. Even countries like Germany, which seemed to weather the economic downturn well, have had to band together to support other nations in the European Union. And recently, European experts have been looking to green technology as a means to ease the burden of debt throughout the continent.
On June 8, a group of influential economics and energy professors published a plan to relieve European debts by investing in alternative energy. The strategy, labeled the Renewable Energy Concessions for Debt-Reduction Plan, hinges on the idea that certain European countries, including Ireland, Italy, Spain, Portugal and Greece, can reduce their national debt by up to 30 percent by devoting a small part of their land to green energy development.
According to the source, these countries "offer excellent conditions for harvesting renewable energy from the sun, wind and geothermal sources," so they are ideal candidates for "solar panels, wind parks or geothermal power stations."
In the piece, the authors propose that creditors give concessions to countries that invest large scale renewable energy programs that can provide adequate revenue over time for the parties involved.
The source reports that Ireland, Portugal and Greece would have to devote less than two percent of their land land to these efforts – and that percentage can be broken up into smaller local sources of "decentralized energy."
The compilers state that this plan would have three major benefits for the region, as it would ease debts, reduce pollution by boosting green energy and create jobs for a younger generation of Europeans that is currently struggling with high unemployment rates.
The plan was published in the Dutch publication NRC Handelsbad, and the compilers have asked the European Union Committee on Economic & Monetary Affairs to the proposal under serious consideration as they tackle the issue of mounting European debt.