|Through its 2050 long-term strategy, the EU aims to achieve climate neutrality. Reaching this objective will require a cost-effective, just and socially balanced transformation of Europe’s society and economy.|
As part of the European Green Deal, in 2020 the Commission proposed the first European Climate Law to enshrine the 2050 climate-neutrality target into law.
To achieve the European Green Deal, the EU needs to address three key challenges:
1. Achieving carbon neutrality by 2050
2. Decoupling economic growth from resource use
3. Ensuring no one and no place is left behind
The European Green Deal is the EU’s main growth strategy to transition to a sustainable economic model and enable EU member states to achieve the goals of the Paris Agreement.
|Industry sector perspective |
This political ambition requires significant engagement and investment from the private sector. According to McKinsey, in order to reach the required speed and decarbonisation, certain factors are contingent on the availability of advanced technologies and the ability for supply chain upscaling.
Specifically achieving net-zero by 2050 at a net-zero cost would require the following immediate actions: Rapidly scale cost-competitive technologies and business models to reduce near-term emissions. Accelerate next-generation technologies and invest in enabling infrastructure to reduce emissions after 2030. Invest in R&D and negative emissions to close the gaps to net-zero by 2050.
|EU Green Week|
The EU celebrated its annual ‘Green Week’ in the first week of June drawing inspiration from the European Green Deal. The event focused on the ‘zero pollution ambition’ as well as initiatives, spanning energy, industry, mobility, agriculture, fisheries, health and biodiversity.
Building on recent green investment and public-private partnership activity, the goal is to speed up the transition towards becoming the first climate neutral continent by 2050.
However, the European Green Deal’s plan – to make the EU’s economy sustainable – will face a number of challenges, particularly from carbon pricing and emissions risk while making the transition just and inclusive for all.
Image: “Green Energy” by menesis is licensed under CC BY-SA 2.0
|World Climate Forum at London Climate Action Week |
World Climate Forum EUROPE 2021, taking place during London Climate Action Week on June 29th, will welcome high level decision makers driving the ambition of the European Green Deal through the key drivers of policy, innovation and investment.
We are focusing on London Climate Action week as an essential step toward COP26, the UN Climate Conference in Glasgow in November, when a new level of climate ambition will be set.
The Forum will showcase three key sectors that must transform to make Europe carbon neutral: energy, the built environment and transport.
We will also focus on green finance as a cross-cutting sector that can enable a rapid transition.
By displaying bold leadership, innovative solutions, new technologies and partnership models, World Climate Forum EUROPE aims at creating impactful discussions that inspire meaningful collaboration, to foster net-zero commitments and low carbon investments, towards COP26.
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