In order to help the EU achieve its ambitious climate change targets and deliver on its clean energy targets in a cost effective manner, significant investment is needed in the energy sector. This is important especially as European electricity markets are currently undergoing structural challenges to ensure security of supply, due to lack of capacity and funding restraints.
Deep decarbonisation should be in lockstep with preserving market competitiveness and security of energy supply. Clean energy, natural gas, and advanced energy technologies will increase energy security while contributing to decarbonisation, but only if financial, technical, societal, and geopolitical issues are addressed.
The total costs of reaching the EU’s climate change targets could be a burden for Member States with GDP per capita below the EU’s average (and heavily reliant on coal) which have a different starting point in the transformation to a climate-neutral economy. Stakeholders from these Member States argue that a proper financing mechanism should be provided for these Member States so as to help them in this transition and not to leave them behind.
In this framework, what are the technological challenges that the European energy sector is facing in view of implementing the Green Deal and achieving climate neutrality? How important is the role of technologies such as gas, offshore, onshore, PV, and how can they help achieve a carbon-neutral Europe by 2050?
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