Europe can meet its climate targets only with around €3 trillion of green investment and a decrease in carbon dioxide emissions of around 65% by 2030 compared to 1990.
That’s according to a new study by the German Institute for Economic Research (DIW Berlin), which suggests energy generation will have to be converted to 100% renewables by 2040.
Claudia Kemfert, Author of the study, said: “So far, the EU Commission has assumed a carbon dioxide reduction target of 40%. But this will not make Europe climate-neutral by 2050, as our calculations show. The goals have to be much more ambitious.”
The authors of the report also argue the increase in the target should be combined with a total conversion of the energy system to renewables – this scenario could avoid more than 60 billion tonnes of carbon dioxide.
Pao-Yu Oei, Author of the study, added: “German EU Council presidency must ensure the extensive stimulus packages under the European Green Deal are used for investments in renewable energies and energy efficiency.
“Particular care must be taken to ensure that the funds go to future-proof, climate-neutral projects and are not used for the de facto stabilisation of fossil development paths.”