The European Commission forecast that transitioning to renewable energy by 2050 would save the EU 3 trillion euros and generate half a million new jobs by 2020. A study commissioned by Greenpeace found that increasing investment in wind, solar, and energy efficiency while phasing out fossil fuel subsidies could make the EU's energy system almost carbon-free. The report estimated the energy transformation would require 99 billion euros of investment but yield much greater financial gains due to fuel cost savings of 3 trillion euros total by 2050. The green energy transition was also projected to create over half a million additional jobs.