Energy sector transformation: a key focus of the European Green Deal

FuturENERGY March-April 2020

Climate change is the major challenge of our time and requires an urgent response, which is why the European Union is aiming to lead the transition towards a low-carbon economic model. To achieve this goal, it has launched the European Green Deal to make Europe the first emissions-neutral continent by 2050.

Achieving net zero emissions within this time frame will be extremely complex, requiring an unprecedented transformation of our economies and billions in investment. The European Commission recently estimated that meeting Europe’s energy and climate objectives for 2030 (40% reduction in emissions, 32% of energy from renewables and a 32.5% improvement in energy efficiency) means additional investment of around €260 billion, above all in the energy, construction and transport sectors. However, even more investment will be needed if we consider that the European Green Deal includes plans to make the target for cutting greenhouse gas emissions by 2030 even more ambitious, raising it from the current 40% to 50% or 55%…

Por Emma Navarro, Vice-President of the European Investment Bank