Renewable energy sources could save the EU 3 trillion euros by 2050 according to a forecast by environmental campaigners. Transitioning to renewable energy sources would create around 500,000 new jobs by 2020 according to research from the German aerospace center. The EU has committed to ensuring 20% of its energy comes from renewable sources by 2020 but has yet to agree on binding targets beyond that year. A 2012 report commissioned by environmental groups lays out a plan to transition the EU to nearly carbon-free energy sources by 2050 through energy efficiency, investing in wind and solar, and phasing out fossil fuel subsidies. The report estimates the transition would require 99 billion euros of investment but yield financial savings of over 3 trillion euros by 2050