The first study to assess the economic effects of supporting renewable energy indicates that meeting the EU renewable targets could provide about 410,000 new jobs and 0.24 per cent additional GDP for the EU. The peer-reviewed study used several economic models to analyse how renewable energy policies affect the EU's economy and job market. It also looked at impacts on sectors including the traditional energy sector, households and the hospitality industry. The results demonstrate that renewable energy is already important in terms of employment and economy. In 2005, the sector employed 1.4 million people and contributed 0.58 per cent of the EU Gross Domestic Product (GDP). The report suggests that policies should promote innovation in wind power, solar photovoltaic and solar thermal technologies. Sectors such as biomass, which currently produces over 60 per cent of the renewable energy sector's impact on employment, will lose its economic significance over time. In addition, the report suggests that innovation will in time reduce the costs of technology.