How the European Union could achieve net-zero emissions at net-zero cost

-Achieving net-zero emissions will depend on a number of factors for the European Union.

-The availability of mature technology, as well as sustained investment and commitment across all sectors, is vital.

-Models by McKinsey have found that the EU could achieve net-zero emissions by 2050 at a net-zero cost.

In December 2019, the European Commission introduced an ambitious proposal to make the bloc climate-neutral by 2050. Although the proposal set specific 2030 and 2050 emission-reduction goals, it did not explain how much each sector and member state should contribute to the desired emissions reductions or what achieving those reductions would cost.

Net-zero Europe

To help inform the planning efforts of policy makers and business leaders, McKinsey has attempted to find a societally cost-optimal pathway to achieving the emissions targets. Countless possible pathways exist, covering a wide range of costs and economic impacts. This report describes the least costly pathway among the many we identified.

This cost-optimal pathway illustrates the technical feasibility of reducing the European Union’s emissions 55 percent by 2030 compared to 1990 levels and reaching net-zero by 2050. It also shows that decarbonizing Europe can have broad economic benefits, including GDP growth, cost-of-living reductions, and job creation.

To achieve these benefits, the European Union has a long road ahead (Exhibit 1). In 2017,1 the EU-27 countries emitted 3.9 GtCO2e, including 0.3 GtCO2e of negative emissions.2 Although this accounts for only 7 percent of global greenhouse gas (GHG) emissions, the European Union achieving climate neutrality could serve as a blueprint for other regions and encourage other countries to take bolder action.

Συνέχεια ανάγνωσης:

Net zero emissions, net zero cost: a plan for Europe.

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