Europe’s power sector could be fully decarbonised by as early as 2045.
That’s according to a new study from Eurelectric, which says the region could beat the 2050 targets set out by the Paris Agreement through electrifying key economic sectors.
The report suggests increased investments in renewables and grids will be necessary, as well as an 80% clean electricity supply, diverse power sources to ensure reliability and flexibility, conventional generation shifting to provide back-up energy and the maturity of carbon dioxide offset technologies.
It says total decarbonisation costs will be lower than expected, thanks to more competitive costs of renewables.
The organisation adds at least 60% of the EU’s economy should be electrified by 2050 to achieve 95% emission reductions versus 1990 levels.
Francesco Starace, President of Eurelectric, said: “Renewable energy is increasingly cost-effective, easier to develop as well as to build and as such it is playing a key role in the energy transition.
“The transformation requires a change in the energy mix of the power sector, which is achievable through the implementation of predictable regulatory frameworks and clear long-term price signals to unlock the necessary private capital.”
Eurelectric has said more flexibility and more cooperation will be needed – engagement with authorities and customers is key to driving the demand and public acceptance of low carbon solutions.