European power sector calls for a climate neutral economy by 2050

Ahead of UN’s Climate Action Summit where world leaders will discuss the way forward to preserve a stable climate, the European power sector calls on politicians to move the continent to full climate neutrality by mid-century.

President of Eurelectric, a trade body representing more than 3500 power companies across the European continent, Magnus Hall said: 

“Businesses are ready to move and with electrification we have a powerful tool to accelerate emission reductions in transport, heating and industry. We need policy makers to send a clear signal on the long-term direction.”

Critical enablers

The European electricity industry points to six critical enablers to make the transition cost-effective and socially fair and ensure continued competitiveness for the European economy. Reaching a net-zero emissions economy by 2050 will require concerted efforts to activate all six enablers together. 

The enablers include a stable and predictable regulatory framework, an adequate carbon pricing mechanism, as well as the need to ensure sufficient funding to prevent asymmetric distributional effects of climate policies.