“EU delays the target of reducing greenhouse gas by 55% by 2030 by 21 years”

The European Union is 21 years late to meet its Fit for 55 goal of reducing greenhouse gases by 55% compared to 1990 levels by 2030. According to reports, the European House-Ambrosetti study by the Enel Foundation and the International Economic Conference suggests that the 2030 target will not be reached by 2051 without significant improvements to the current state of affairs.

According to the research results, the target of introducing 40% renewable energy in 2030 in addition to greenhouse gases is also scheduled to be delayed to 2043, and to overcome this delay, an investment of 3.6 trillion euros is required from the entire EU.

Investments in sectors participating in the energy transition process will generate cascading benefits with significant indirect triggering effects in both Europe and Italy. In fact, according to the survey, it is reported that bridging this gap over the next decade could have a cumulative impact on GDP of over 800 million euros in the European Union and over 400 billion euros in Italy. It also warns that the EU must fundamentally step up its efforts to achieve the goal.

Francesco Starace, CEO of the Enel Foundation, said that it is too late to comment on the findings of the investigation. Of course, the results of this study can also be viewed as an attempt to obtain investment from the EU for the renewable energy business that Enel, a power company, deals with. In any case, however, it is clear that a regional strategy is required that promotes more aggressive clean energy adoption in the EU, facilitates coordination among EU member states and promotes market integration. Related information can be found here.