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Consultancy Wood Mackenzie said Thursday that Europe needs to invest tens of billions of dollars in renewable energy and energy storage to meet its 2030 climate goals
.
EU leaders agreed in December to reduce net greenhouse gas emissions by at least 55 percent from 1990 levels by 2030, up from the previous target of 40 percent
.
But Wood Mackenzie's analysis found that, under current plans, Europe will reduce emissions by 46 percent
below 1990 levels by 2030.
To achieve this new target, the EU needs to significantly increase renewable generation capacity, such as wind, solar and electricity storage, which equates to an investment of around $585 billion by 2030
.
Wood McKenzie said technology to capture and store carbon emissions (CCS), widespread use of hydrogen as a fuel, more electric vehicles and reforms to the EU Emissions Trading System (ETS), including the introduction of a floor price for carbon costs, were also necessary
.
A carbon price of $65 per tonne would ensure a maximum shift from lignite to low-emission gas-fired power plants and stimulate investment
in technology, the report said.
Murray Douglas, head of research at Wood Mackenzie, said: "Putting a carbon price now will help scale up the investment
needed for CCS and hydrogen projects.
”
Consultancy Wood Mackenzie said Thursday that Europe needs to invest tens of billions of dollars in renewable energy and energy storage to meet its 2030 climate goals
.
EU leaders agreed in December to reduce net greenhouse gas emissions by at least 55 percent from 1990 levels by 2030, up from the previous target of 40 percent
.
But Wood Mackenzie's analysis found that, under current plans, Europe will reduce emissions by 46 percent
below 1990 levels by 2030.
To achieve this new target, the EU needs to significantly increase renewable generation capacity, such as wind, solar and electricity storage, which equates to an investment of around $585 billion by 2030
.
Wood McKenzie said technology to capture and store carbon emissions (CCS), widespread use of hydrogen as a fuel, more electric vehicles and reforms to the EU Emissions Trading System (ETS), including the introduction of a floor price for carbon costs, were also necessary
.
A carbon price of $65 per tonne would ensure a maximum shift from lignite to low-emission gas-fired power plants and stimulate investment
in technology, the report said.
Murray Douglas, head of research at Wood Mackenzie, said: "Putting a carbon price now will help scale up the investment
needed for CCS and hydrogen projects.
”
