Researchers: EU must double investment to achieve its 2030 climate targets
The EU has set itself the goal of reducing greenhouse gas emissions by 55 percent compared to 1990 by 2030, and being climate neutral by 2050.
The report of the European Observatory for Climate Neutrality, a consortium of research institutions, is based on data from the year 2022, when the Russian invasion of Ukraine plunged the EU into an energy crisis. According to the study, the EU recorded an investment deficit of 406 billion Euros alone in the energy, construction and transport sectors that year. To reach the climate goal for 2030, investments in these areas need to be doubled to 800 billion Euros per year, according to scientists.
"The next challenge for the EU Commission is a long-term investment plan to fill the investment gap," said Clara Calipel, a co-author of the report from the Paris Institute for Climate Economics.
Facing soaring energy prices in the observed year 2022, EU countries' subsidies for fossil fuels reportedly tripled to 190 billion Euros compared to 2021. Calipel stated that these subsidies need to be gradually phased out. Instead, the money should be used to promote the energy renovation of houses, the installation of heat pumps, and the transition to electric cars.
To reach the climate goal for 2030, the share of renewable energy generation needs to increase 1.4 times faster than before, while the exit from the use of fossil fuels needs to be accelerated by 1.8 times, according to the report. However, the process of phasing out the use of natural gas is reportedly proceeding too slowly.
It is uncertain after the EU Parliament election in early June whether the Green Deal for climate neutrality in the EU will be fully implemented. The winners of the European People's Party (EVP) have acknowledged the goal of reducing EU greenhouse gas emissions to net-zero by 2050. However, there is fierce criticism from the right-wing camp regarding individual climate legislation.
- The EU's climate target for 2030 is a 55% reduction in greenhouse gas emissions compared to 1990, aiming for climate neutrality by 2050.
- To achieve the 2030 climate target, investments in the energy, construction, and transport sectors need to be doubled to 800 billion Euros annually, as suggested by scientists.
- According to the report from the European Observatory for Climate Neutrality, the EU recorded an investment deficit of 406 billion Euros in these sectors during the energy crisis year of 2022, largely due to the Russian invasion of Ukraine.
- Researcher Clara Calipel from the Paris Institute for Climate Economics suggested that the EU Commission requires a long-term investment plan to address the existing investment gap.
- Ukraine and the EU share a common goal of reducing greenhouse gas emissions, with the EU aiming for climate neutrality by 2050, but the process of phasing out natural gas use in Ukraine is reportedly progressing slowly.
