NewEnergyNews: Europe’s Energy Transition Price Tag

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  • FRIDAY WORLD, May 27:
  • The New Energy “Lifeline”
  • The New Energy World At War

    Friday, May 06, 2022

    Europe’s Energy Transition Price Tag

    How much will it cost Europe to switch to clean energy by 2050?

    Victoria Masterson, 27 April 2022 (Workd Economic Forum)

    “…[The cost for Europe to switch] to clean energy by 2050 will be $5.3 trillion…[BloombergNEF (BNEF) European Energy Transition Outlook 2022 modeled] an “Economic Transition Scenario” in which] Europe’s use of fossil fuels drops by 28% by 2050. A collapse in coal use is the biggest contributor, while the rise of electric vehicles helps to cut oil demand by 30% by 2050…[N]atural gas demand falls by only 5%...because of “limited economic alternatives” to gas for heating buildings…[F]alls in gas demand will start to flatten out after 2030…

    Fossil fuels will continue to make up 60% of Europe’s energy mix by 2050 in this scenario – a relatively small reduction from 69% in 2022…[In a more ambitious “Net Zero Scenario” fossil fuels are] completely driven out by 2050. This is enabled by a switch to electrification and green hydrogen…Wind and solar become Europe’s main source of energy…They replace fossil fuels and remove energy-related carbon emissions…[through] a cut of more than 50% in oil demand…Europe would need to promote take-up of electric vehicles, heat pumps and electrified industrial processes…

    …Wind and solar made up 18% of Europe’s energy mix in 2021, but combined with battery storage this could reach 70% by 2035, BNEF’s Net Zero Scenario suggests…To be on track for this, Europe needs to double its solar and onshore wind power capacity by 2025, compared with 2016-20. And it will need to add another 60-80% on top of that between 2026 and 2030…In total, Europe needs $3.8 trillion of investment in new power generation projects – especially wind and solar – between 2021 and 2050…It also needs to spend $1.5 trillion over the same period on facilities to produce clean hydrogen…” click here for more

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