EU energy ministers on Monday agreed to increase the share of European energy consumption coming from renewables such as solar or wind power to 40 percent by 2030.

The legally binding target, which was previously set at 32 percent, is part of the EU's ambition to reduce greenhouse gas emissions by 55 percent by 2030, compared to baseline amounts recorded in 1990.

This would set the path towards achieving net zero carbon emissions in Europe by 2050.

Energy ministers meeting in Luxembourg also agreed to reduce the EU's total energy consumption by at least nine percent by 2030 compared to 2020.

French Energy Transition Minister Agnes Pannier-Runacher hailed the agreement that will now be negotiated with the European Parliament that has yet to finalise its position on the targets.

The targets "will also help us to reduce our dependence on Russia for energy, in the context of the war in Ukraine."

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