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If Europe adds 162 GW of wind capacity and 253 GW of solar capacity over 10 years, boosts sales of electric vehicles and accelerates the phase-out of coal-fired power plants, Europe's emissions will be reduced by 53% by 2030, and further efforts
will be needed to meet Europe's 55% reduction target.
That's the latest report
from research firm Wood Mackenzie.
The report argues that Europe will reduce emissions by 46% by 2030 under the base scenario, and if the energy transition is accelerated and the above targets are met, the emission reduction will reach 53%.
At the same time, electric vehicles and plug-in hybrids will account for 97% of EU passenger car sales by 2030, and large amounts of coal will be phased out, while also reducing carbon costs to maximize coal-to-gas
conversion.
Through these measures, it is possible to achieve a 55%
reduction in emissions from 1990 levels by around 2032.
"To achieve the 2030 target, Europe will have to do everything we assume, but faster
.
In addition, due to its limited potential in renewable energy and electric vehicle adoption, it will have to ramp up its efforts in three key areas: energy efficiency and electrification of buildings, reduced mobility, and carbon market reform," explains
Murray Douglas, research director at Wood MacKenzie.
Meeting ambitious climate targets will require difficult and often unpopular decisions
.
As recommended by the research and advisory panel, greater certainty about carbon costs by 2030 will accelerate plans to phase out coal and further improve the competitiveness of renewables, which will spur more activity
in the sector.
It will also support low-carbon hydrogen and encourage market participants to invest more
in carbon capture and storage (CCS).
Douglas added: "The biggest opportunity will come from the construction of wind, solar and storage capacity, which will require $585 billion in investment by 2030, as well as the grid infrastructure
needed to transform the electricity market.
" ”
If Europe adds 162 GW of wind capacity and 253 GW of solar capacity over 10 years, boosts sales of electric vehicles and accelerates the phase-out of coal-fired power plants, Europe's emissions will be reduced by 53% by 2030, and further efforts
will be needed to meet Europe's 55% reduction target.
That's the latest report
from research firm Wood Mackenzie.
The report argues that Europe will reduce emissions by 46% by 2030 under the base scenario, and if the energy transition is accelerated and the above targets are met, the emission reduction will reach 53%.
At the same time, electric vehicles and plug-in hybrids will account for 97% of EU passenger car sales by 2030, and large amounts of coal will be phased out, while also reducing carbon costs to maximize coal-to-gas
conversion.
Through these measures, it is possible to achieve a 55%
reduction in emissions from 1990 levels by around 2032.
"To achieve the 2030 target, Europe will have to do everything we assume, but faster
.
In addition, due to its limited potential in renewable energy and electric vehicle adoption, it will have to ramp up its efforts in three key areas: energy efficiency and electrification of buildings, reduced mobility, and carbon market reform," explains
Murray Douglas, research director at Wood MacKenzie.
Meeting ambitious climate targets will require difficult and often unpopular decisions
.
As recommended by the research and advisory panel, greater certainty about carbon costs by 2030 will accelerate plans to phase out coal and further improve the competitiveness of renewables, which will spur more activity
in the sector.
It will also support low-carbon hydrogen and encourage market participants to invest more
in carbon capture and storage (CCS).
Douglas added: "The biggest opportunity will come from the construction of wind, solar and storage capacity, which will require $585 billion in investment by 2030, as well as the grid infrastructure
needed to transform the electricity market.
" ”
