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The European Union (EU) is planning to reduce its use of fossil fuels for energy by 80% by 2040, compared to 1990 levels, Reuters cited a draft document as said.
This target aligns with the EU's ambition to slash net greenhouse gas emissions by 90% by the same year, bridging the gap between its existing goals to cut net emissions 55% by 2030 and reach net zero emissions by 2050.
The draft document of the European Commission reveals that achieving this target would result in a cumulative decrease of Europe's fossil fuel import costs by 2.8 trillion euros ($3.03 trillion) between 2031 and 2050, in comparison to the average yearly expenditure from 2011 to 2020.
The electricity sector would also need to be nearly CO2-free by around 2040, requiring scaling up of renewable sources and nuclear energy to generate over 90% of the EU's electricity.
It also said that coal would need to be phased out in the energy sector, while oil would remain the primary fossil fuel used in road vehicles, shipping, and aviation, accounting for 60% of Europe's residual energy-related fossil fuel consumption. And gas would still be used in industry, buildings, and the power sector.
To achieve climate goals, substantial investments, primarily from the private sector, are necessary in low-carbon energy sources, power grids, sustainable manufacturing technologies, and more environmentally friendly farming practices.
EU energy commissioner Kadri Simson emphasized the need for investments of 1.2 trillion euros annually during this decade to expedite the decarbonization of the energy and transport sectors.
The draft also underscores the potential costs of inaction in combating climate change, citing the heightened risk of destructive extreme weather. Failure to limit global warming to 1.5 degrees Celsius above pre-industrial levels could result in additional expenses of 2.4 trillion euros by 2050.
(Writing by Riley Liang Editing by Rebecca Liu)
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