17.06.2022
Rapid phasing out of fossil fuel-based energy and large investments are needed to achieve this goal.
In its latest analysis of the consequences for Europe on its journey to the climate goal of net-zero emissions by 2050, Bloomberg points out the need for significant additional investments and the rapid phasing out of fossil fuel-based energy. The analysis was made by comparing a “net zero” scenario with a scenario with less political interference and a stronger focus on the economy, technology and pure market forces. Bloomberg concludes that the climate goal requires a rapid decrease in oil and gas consumption in Europe by 2030.
In the NetZero Scenario, European demand for oil falls by more than 50% to 9.5 million barrels per day, and demand for natural gas falls by almost 25% by 2030. This is primarily due to rapid electrification or a transition to green hydrogen. This requires more than double current energy investments to achieve climate goals, and additional investments will primarily be seen in wind and green hydrogen.
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