Name: Europe energy policy long-term outlook 2020
Brand: Wood Mackenzie
SKU: 131295
Price: 4000 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Commodity Market Report 31 July 2020

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Report summary

EU policy measures will be the biggest driver of changes in energy use across Europe as the bloc tackles declining gas production, increasing reliance on imports and commits to a decarbonised economy. Consequently, the now 27-Member States are obliged to meet corresponding goals to develop 'a more secure, sustainable and affordable' energy mix. The level of ambition in the Green Deal makes much of the EU’s existing climate and energy policy suite redundant. We estimate current measures put the EU on a trajectory to reach a 60% reduction in greenhouse gas (GHG) emissions from 1990 levels by 2050 versus the previous – and non-binding – aspiration to cut emissions by 80-95%. A net zero 2050 target, with additional objectives to clean up all aspects of the economy, requires a fundamental rewrite of the European rulebook. Current measures also make the EU's chances of achieving it's binding 40% reduction target by 2030 extremely tight, according to our modelling.