European civil society organisations release PAC 2.0 – a new energy scenario, which shows how the EU can achieve the objective of the Paris Agreement to limit global temperature rise to 1.5°C. The report details measures to transition the power, industry, buildings, and transport sectors to achieve climate neutrality by 2040.
The report demonstrates that this pathway can provide social and economic benefits worth €1 trillion by 2030. Moreover, the overall investment needs will be lower than those foreseen by the European Commission’s 2050 transition scenario, €28.9 trillion compared to €33.7 trillion respectively, meaning PAC 2.0 would require almost €4.8 trillion less.
“Achieving climate neutrality by 2040 pays off. Our scenario outlines a clear pathway for the entire EU to achieve climate neutrality ten years ahead of the 2050 target. Ramping up climate action will generate significant socio-economic benefits. For every euro invested, the EU can gain up to four times more in co-benefits, amounting to at least €1 trillion by 2030,” said Cornelia Maarfield, Head of Energy at CAN Europe.
Progressive EU energy policies of the past five years increased climate ambition, but were not sufficient to limit global temperatures to 1.5°C. In its Energy Policy Compass, CAN Europe outlines the policy measures needed in the next EU policy cycle to reach the Paris Agreement goal. These measures will need to further
cut energy demand, boost renewable energy deployment, phase out fossil fuels, and address social inequalities.
“Our scenario underscores that achieving climate neutrality by 2040 hinges on a substantial reduction in energy demand across all sectors. Through sustainable lifestyles, energy efficiency, innovation and circularity, the EU can cut its final energy consumption by more than 40% by 2040, ensuring that the transition to a 100% renewable energy system is both achievable and cost-effective. The time to act is now, and the stakes could not be higher” underlined Maarfield.
“A 100% Renewable Energy System is feasible and essential. The stars are aligned for a dynamic transition to a 100% renewable energy system. It is not only technologically viable but instrumental for limiting global temperature increase to 1.5°C. Rapid decarbonisation of all sectors, phasing out fossil fuels and nuclear by 2040, and massive investments in solar, wind, storage, and grid infrastructure will secure a cleaner, safer, and resilient future. The new European Commission must lead with bold, decisive action to make it happen.” said Seda Orhan, Renewable Energy Program Manager at CAN Europe
Notes to editors
Who is involved in the PAC 2.0 project?
Climate Action Network (CAN) Europe participates in the Paris Agreement Compatible (PAC) 2.0 project, as member of a wider consortium consisting of European Environmental Bureau (EEB), Renewables Grid Initiative (RGI) and REN21 as project partners, to construct a European-wide energy scenario aligned with the objective to limit global warming to 1.5°C.
What will be the cost of this transition?
PAC 2.0 demonstrates that accelerated climate action not only addresses the climate crisis, but also delivers substantial economic benefits. Check Paris Pact Payoff report for further reading.
What are the policy measures included in the Energy Policy Compass for the new Commission?
The Compass embodies CAN Europe’s energy priorities for the new policy cycle 2024 – 2029. Despite increased climate ambition of the past 5 years, accelerated efforts are needed to limit global warming to 1.5°C.The new European Commission must oversee the ambitious implementation of existing legislation by Member States, while also delivering new proposals to cut energy demand, boost renewable energy deployment, phase out fossil fuels, and address social inequalities.
For more information and media requests:
Katarzyna Piasecka, Communications Coordinator, katarzyna.piasecka@caneurope.org
