Climate change means we need to change. But how? In September 2020, the European Commission positioned itself as a global frontrunner in climate change action. Their groundbreaking plan aims for a significant 55% reduction in greenhouse gas emissions by 2030 compared to 1990 levels. This ambitious decarbonization target ranks among the world’s most impressive in terms of absolute and per-capita reductions. It reflects the Commission’s commitment to bridging the gap between current practices and a sustainable future.
The challenge to change
Achieving this target won’t be easy — substantial investments in the energy system are required. According to Commission estimates, an annual investment of €350 billion ($389 billion) between 2021 and 2030 is necessary to reach the 55% reduction goal. These vital investments drive the necessary changes toward a more sustainable future.
Ahead of Reuters Events’ Energy Transition Europe 2023 event in London, this paper examines the investment pathways needed to realize Europe’s ambitious goal of net zero emissions by 2050, contributing to a sustainable future for generations to come.
To support Europe’s energy transition, a significant portion of the required investment is facilitated through public policy instruments, including the ambitious European Green Deal. Under this transformative initiative, the European Commission has committed to mobilizing €1 trillion ($1.1 trillion) over the next decade. This substantial financial commitment demonstrates a strong dedication to driving sustainable solutions across the continent for a greener and more sustainable future.
More information is included in the whitepaper
The Commission has also announced that 30% of the European Union’s multiannual budget from 2021 to 2028 is dedicated to green investments. Member states are obligated to allocate a minimum of 37% of the funds from the Recovery and Resilience Facility toward climate objectives. These commitments reflect a strong focus on environmental sustainability and underline the EU’s determination to address climate change with significant financial backing.
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Reuters Events’ latest whitepaper, “Energising Investments Across the European Energy Transition,” delves into the European energy landscape. This insightful publication features valuable research and analysis, drawing insights from Climate Investment. Explore the key drivers of innovation and momentum propelling Europe toward a sustainable future. Request your copy today:
Photo credit: The feature image is symbolic and has been done by Christopher Isak with Midjourney for TechAcute.