Europe’s energy mix is changing, with 38% of generation coming from clean energy versus 34% from fossil fuels in 2019.
Meeting the climate challenge would require cumulative investments of €100 trillion in the energy sector through 2050.
Action is already taking place across Europe. 24 Countries have invested €4,779 million in flexible energy system research as part of the European Commission’s Strategic Energy Technology Plan, and by 2050 there is potential for EU citizens to own 129 million EVs, 70 million electric boilers and 80 million stationary battery technologies.
€260 billion in investment is needed per year to finance the switch to clean energy and reduced emissions.
More flexible energy system could save the UK alone £17-40 billion across the electricity system by 2050 and plug European economies into global market opportunities worth over £4 trillion.
Germany is set to invest up to €100 million into hydrogen technologies, although many countries have already committed to the electrification of mobility and other systems.
In total, Western Europe will invest €122 billion in smart grid infrastructure through 2027, according to a new study by Northeast Group LLC.
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