27 Oct Matching EU Decarbonization Ambitions and Electrification Investment Needs
Matching EU Decarbonization Ambitions and Electrification Investment Needs: is EU sustainable finance fit for carbon neutrality by 2050?
To be fit for 55 in 2030 and carbon neutral by 2050, electrification will be key. The share of electricity in final energy demand will be growing to 35% in 2030 and 60% in 2050 (versus 23% today).
Significant investments are needed throughout the whole industrial value-chain: generation, infrastructure and distribution, to support the electrification needs of the energy system. To reach decarbonization, investments in end-use electrification, especially in transport and building, will have to increase from the current €627 billion a year to about €900 billion over the 2021-2030 period.
The EU taxonomy for sustainable finance aims at redirecting capital flows towards sustainable economic activities, by providing greater clarity to investors. It could become a powerful instrument for EU energy and climate transition to investing in areas most needed that are key for EU decarbonization objectives. For that reason, consistency between the EU taxonomy and the fit for 55 legislative frameworks is crucial to allow an ambitious, sustainable and cost-effective European climate transition.
EU taxonomy will be used as a reference for other European types of financing instruments and funding such as green bonds, disclosures, benchmarks etc. By becoming the framework of reference in Europe and likely globally, its impact on investment decisions will be massive for the energy and climate transition.
This event is an opportunity to take a step back to assess what EU sustainable finance has already achieved and what the remaining gaps are, looking more specifically at the contribution of the electrification.
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The Programme
Welcome address and introductory remarks by Dominique Riquet, MEP and Pernille Weiss, MEP
Keynote Speech from Miguel Gil Tertre, Head of Unit in Economic Analysis, foresight and recovery, DG ENER
Panel Discussion moderated by Bruno Liebhaberg, Director General, CERRE
- Andreas Brunsgaard, Senior Advisor, Confederation of Danish Industry, member of the Platform on Sustainable Finance
- Diederik Peereboom, Secretary General, T&D Europe
- Henning Häder, Policy Director, Eurelectric
- Elena Burdykina, Executive Director, Sustainable Banking, Crédit Agricole CIB (Corporate and Investment Bank)
Q&A session with the audience
Download the Programme
For more information about the event, please contact Ms Özge Akman (o.akman@clerens.eu).