A new energy policy in Denmark has been put in place aiming for a 20% replacement of its total energy consumption by 2011. Climate and Energy Minister, Connie Hedegaard, said, "With its new energy agreement, Denmark takes the (global) lead in terms of offensive efforts". The achievement of the renewable energy target requires an investment of about US $497 million. Biomass is an important renewable energy resource in Denmark, comprising about 70% of renewable energy consumption. Under the new agreement, better subsidies for biomass energy development are being eyed..