Transforming the energy system: How to finance a just transition?

Whilst the energy sector is key to the European economy, it also represents two thirds of the EU’s greenhouse gas emissions. It therefore plays a central role in the implementation of the Paris Agreement.

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, especially as European electricity markets are currently undergoing structural challenges to ensure security of supply, due to lack of capacity and funding restraints.

The EU has increased the amount of public funds available for energy efficiency. However, to meet the objectives of the Energy Union and support the transition to a clean energy system, there is a need to further unlock private financing. The European Commission estimates that in order to reach the EU’s 2030 energy and climate targets, about €379 billion of investment will be needed every year between 2020 and 2030, mostly in energy efficiency, renewable energy sources, and infrastructure.

The European Commission’s proposed Multiannual Financial Framework for 2021-2027, would raise funding for climate change efforts to 25 percent of the total budget, from 20 percent over 2014-2020. Industry is pressing for funding for the regions, companies and workers affected. Whilst industry supports a just energy transition, it does not wish to carry the financial burden on its own.

EURACTIV organised this Workshop to discuss:

  • How to attract the necessary investment in order to reach more ambitious targets?
  • How to make sure that no EU region is left behind in the energy transition?
  • How to ensure that financial flows are shifted towards a neutral economy?

 

>> Click here for more information about the event.

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LUKOIL

LUKOIL is one of the largest publicly traded, vertically integrated energy companies in the World. The corporate mission of LUKOIL is to make the energy of natural resources serve the interests of mankind. Every day millions of consumers worldwide buy LUKOIL products, energy and heat, improving the quality of their life.

LUKOIL’s main activities are exploration and production of oil and gas, refining and marketing of petroleum products and petrochemicals, as well as power generation. In order to reduce environmental impact and make efficient use of resources, LUKOIL has developed renewable energy solutions including hydroelectric, solar and wind generation.

LUKOIL conducts its business in a responsible and sustainable way, seeking to strike a balance between socio-economic and environmental development by supporting communities, contributing to the economy and preserving the environment. The company stringently abides by the highest global environmental standards and shares the principles of the United Nations Global Compact ensuring high levels of occupational safety and health. Taking social responsibility for the efficient use of natural resources in all its earnestness and maintaining favorable environmental conditions in its business, LUKOIL is guided by the highest HSE standards. In its operations LUKOIL pursues the sustainable development principles and seeks to achieve a good balance between socio-economic and environmental development.

LUKOIL corporate governance system is based on international best practices and fully incorporates the principles of openness, regulatory requirements, fair competition, and transparency.

LUKOIL ordinary shares are admitted to the Moscow Exchange. LUKOIL depositary receipts are listed on the London and Frankfurt Stock Exchanges, as well as on the US OTC market.

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