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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Supporter

LUKOIL

25 Years of Sustainable Development

LUKOIL is one of the major international oil and gas companies that accounts for more than 2% of the world's oil production and around 1% of the proven hydrocarbon reserves. Every day millions of consumers in more than 30 countries worldwide buy LUKOIL’s products, energy and heat, improving the quality of their life.

While having the full production cycle, LUKOIL exercises full control over the whole production chain — from oil and gas production to petroleum product sales. LUKOIL's goal is to create new value, maintain high profitability and stability of its business, deliver high return on capital employed for its shareholders by increasing the value of the LUKOIL's assets and the payment of cash dividends.

To achieve these goals, LUKOIL shall use all available opportunities, including further efforts to reduce costs, increase the efficiency of its operations, improve the quality of its products and services and use new advanced technologies.

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 the LUKOIL pursues the sustainable development principles and seeks to achieve a good balance between socio-economic and environmental development.

LUKOIL’s corporate mission is to make the energy of natural resources serve the interests of mankind, to efficiently and responsibly develop the unique hydrocarbon fields by providing Company growth, the wellbeing of its employees and community at large.

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